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Crude Oil Rises as Dollar Weakens, IEA Boosts Demand Outlook

Bloomberg -- March 12 (Bloomberg) -- Crude oil rose toward $83 a barrel in New York, poised for a second weekly gain, as the dollar weakened and the IEA bolstered its outlook for oil demand.

The International Energy Agency raised its forecast for global oil demand this year for a second month as consumption in Asia rises more than expected. The dollar weakened, raising the appeal of crude for hedging inflation, and European stocks rose, extending the Stoxx Europe 600 Index’s second weekly advance.

“Oil is being helped by a weaker dollar and a somewhat friendlier equity market,” said Eugen Weinberg, analyst at Commerzbank AG in Frankfurt. “But the gains aren’t going to last. Demand from refineries is still very low and prices are way too high for demand to recover strongly.”

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Submitted Mar 12, 2010 By: billbearAL

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BamaPack All-Star Author Atlanta Posts:852 Points:227,095 Joined:Sep 2008	Message Posted: Mar 12, 2010 9:50:58 AM Ignore BamaPack Report Abuse I hope there are more jobs if demand is to increase
slvrdo_dsprdo Champion Author Nashville Posts:1,852 Points:372,680 Joined:Jul 2008	Message Posted: Mar 12, 2010 9:50:43 AM Ignore slvrdo_dsprdo Report Abuse facepalm Here we go again.
rsm315 All-Star Author Detroit Posts:838 Points:219,530 Joined:Dec 2009	Message Posted: Mar 12, 2010 9:50:13 AM Ignore rsm315 Report Abuse more @!@#$$%%^&^&%^$%
Patch44 Champion Author Buffalo Posts:3,773 Points:902,860 Joined:Oct 2007	Message Posted: Mar 12, 2010 9:49:21 AM Ignore Patch44 Report Abuse Still waiting for the predicted drop in oil prices that I read about.
pnd1 Champion Author Tallahassee Posts:1,880 Points:374,755 Joined:Jul 2009	Message Posted: Mar 12, 2010 9:45:53 AM Ignore pnd1 Report Abuse Time to go back to horse and buggy! Oh, wait. The environmentalists would have a problem with horse "waste."
billy44bo Champion Author Mobile Posts:3,292 Points:622,105 Joined:Feb 2008	Message Posted: Mar 12, 2010 9:44:09 AM Ignore billy44bo Report Abuse greed runs the oil market
myambro Champion Author Sacramento Posts:1,139 Points:437,740 Joined:Mar 2005	Message Posted: Mar 12, 2010 9:43:20 AM Ignore myambro Report Abuse This is caused more by our elected officials taking money from oil and enviros then selling us down the river. As much as oil and environmentalism are supposedly at odds, the more strict enviro regs get the higher the prices get and profit is a percentage of price. 5% of 1 Billion is more than 5% of 500 Milllion.
bluenvoy Champion Author Nashville Posts:7,835 Points:1,092,990 Joined:Oct 2005	Message Posted: Mar 12, 2010 9:42:52 AM Ignore bluenvoy Report Abuse Today the dollar is weak and next week it will be strong. And during both times the dollar will not even change.
bbthegun Champion Author San Diego Posts:3,077 Points:859,275 Joined:Sep 2006	Message Posted: Mar 12, 2010 9:41:50 AM Ignore bbthegun Report Abuse MG Sputnik is right
PithyOpiner Champion Author Stockton Posts:6,928 Points:712,905 Joined:Jun 2008	Message Posted: Mar 12, 2010 9:41:01 AM Ignore PithyOpiner Report Abuse No, the goods news is this: “But the gains aren’t going to last. Demand from refineries is still very low and prices are way too high for demand to recover strongly.”
FEYSO Champion Author Jacksonville Posts:7,779 Points:1,346,155 Joined:Aug 2005	Message Posted: Mar 12, 2010 9:39:52 AM Ignore FEYSO Report Abuse baitmn Lets not also forget the hypocrits in government and the quadroupled deficit from just 1 year ago!!! Our dollar is worth crap!
MG_Sputnik Champion Author Philadelphia Posts:3,238 Points:1,031,755 Joined:Apr 2006	Message Posted: Mar 12, 2010 9:37:25 AM Ignore MG_Sputnik Report Abuse Put very simply, we're screwed.
WIPACKERFAN Champion Author Chicago Posts:3,952 Points:880,765 Joined:Aug 2005	Message Posted: Mar 12, 2010 9:32:27 AM Ignore WIPACKERFAN Report Abuse Oil is out of control. Even though we are doing our part conserve, we are being punished by other sountries because they are not. This is not fair to us.
baitmn Champion Author New Orleans Posts:4,018 Points:1,130,975 Joined:Sep 2006	Message Posted: Mar 12, 2010 9:27:41 AM Ignore baitmn Report Abuse Same stuff as last week, Just call it GREED by the oil companys plus oil speculators let not forget the sand people trying for more dollars
tbgasmizer Champion Author Ontario Posts:1,294 Points:293,080 Joined:Oct 2009	Message Posted: Mar 12, 2010 9:27:23 AM Ignore tbgasmizer Report Abuse When we become nondependant on oil they can raise the priceasmuch as they want but for now leave it alone.
nigelb Champion Author Virginia Posts:3,502 Points:528,465 Joined:Feb 2008	Message Posted: Mar 12, 2010 9:25:23 AM Ignore nigelb Report Abuse Same old excuses for price rises at the pump.
sb0804 All-Star Author Dayton Posts:656 Points:69,450 Joined:Jun 2008	Message Posted: Mar 12, 2010 9:25:14 AM Ignore sb0804 Report Abuse We are back to the excuse of the day for speculators. One day it is lower dollar, the next lower inventories, the next it is pirates, the next it is Nigerian attacks, the economy is recovering, cold weather, switch over to summer blends and on and on.
jayrad1957 Champion Author Los Angeles Posts:7,736 Points:624,190 Joined:Nov 2008	Message Posted: Mar 12, 2010 9:24:48 AM Ignore jayrad1957 Report Abuse Speculators need their summer vacation money now.
DirtDauber Champion Author San Antonio Posts:1,840 Points:654,695 Joined:Nov 2005	Message Posted: Mar 12, 2010 9:24:06 AM Ignore DirtDauber Report Abuse I believe that the dollar will be in this weakened state for a while, maybe until November.
CISA Champion Author Orange County Posts:2,119 Points:678,220 Joined:Dec 2006	Message Posted: Mar 12, 2010 9:23:15 AM Ignore CISA Report Abuse increased demand = growth = higher gas prices = higher interest rates = higher stock market = higher inflation the natural order of things
Retowered Champion Author Colorado Posts:4,143 Points:1,724,945 Joined:May 2004	Message Posted: Mar 12, 2010 9:23:10 AM Ignore Retowered Report Abuse I think that it is time for oil to go down every time the dollar does.
Ticoman54 Champion Author Miami Posts:2,616 Points:587,170 Joined:Oct 2008	Message Posted: Mar 12, 2010 9:19:29 AM Ignore Ticoman54 Report Abuse The same old merry-go-round. I'm ready for an EV. I hope the oil barons and speculators choke on oil, especially when we, here in the U.S., become energy independent. I hope it happens in my lifetime. [Edited by: Ticoman54 at 3/12/2010 11:20:53 AM EST]
Hambone61 Champion Author Oregon Posts:9,141 Points:1,577,260 Joined:Sep 2005	Message Posted: Mar 12, 2010 9:17:39 AM Ignore Hambone61 Report Abuse Our "dictator in chief" is systematically destroying our economy. This is not incompetence, error, or lack of understanding on his part.... It HAS TO BE COMPLETELY INTENTIONAL!! Everything he has done has been against good logic, you can make no other conclusion, than it is his intention to bring us to economic disaster! The faster he can be removed, legally, the sooner we can restore sanity to Washington.
Road-Runner Champion Author Denver Posts:3,616 Points:1,226,800 Joined:May 2004	Message Posted: Mar 12, 2010 9:17:05 AM Ignore Road-Runner Report Abuse As usual consumers get shafted, shellacked, shafted. Gee, what's the bad news?
cuspid All-Star Author Michigan Posts:570 Points:396,205 Joined:Jun 2008	Message Posted: Mar 12, 2010 9:15:15 AM Ignore cuspid Report Abuse the answer to the gas prices; EVERY ONE BUY A FUEL EFFECIENT SMALL CAR.
Zygnatz Champion Author British Columbia Posts:8,190 Points:1,609,230 Joined:Oct 2005	Message Posted: Mar 12, 2010 9:15:12 AM Ignore Zygnatz Report Abuse The price of crude will go up weather the dollar weakens or strengthens. It is what the speculators want.
DrLyon Champion Author Michigan Posts:1,919 Points:255,300 Joined:May 2006	Message Posted: Mar 12, 2010 9:11:22 AM Ignore DrLyon Report Abuse Let's end this "recession" and move on.
mfeldstein Champion Author Ottawa Posts:3,742 Points:1,053,415 Joined:Feb 2007	Message Posted: Mar 12, 2010 9:05:22 AM Ignore mfeldstein Report Abuse You can't build up humongous debt like the U.S. has and expect to have a strong dollar. Funny money creates a false illusion - much closer to the edge than most people think.
RochBear Champion Author Minnesota Posts:5,563 Points:1,053,165 Joined:May 2006	Message Posted: Mar 12, 2010 9:03:12 AM Ignore RochBear Report Abuse And why is the dollar weaker??? Yes, that is the fault of the President and the congress. Deficit spending will drive the value of the Dollar down. He's "changing" things. Too bad they are not for the better.
AtascaderoHound All-Star Author California Posts:557 Points:588,690 Joined:Oct 2006	Message Posted: Mar 12, 2010 9:03:10 AM Ignore AtascaderoHound Report Abuse Get off oil now!!
Zakmeister All-Star Author Cleveland Posts:633 Points:209,145 Joined:Jul 2007	Message Posted: Mar 12, 2010 9:01:26 AM Ignore Zakmeister Report Abuse The economy seems 2b headed in the wrong direction. It's going 2b a long summer.
Kimmunicate All-Star Author San Francisco Posts:696 Points:159,280 Joined:Jan 2010	Message Posted: Mar 12, 2010 8:59:55 AM Ignore Kimmunicate Report Abuse Is it even a job to be an oil speculator?? I'd love to be paid loads of money just to tell people what they already know.
LilRedWagonIN Champion Author Indiana Posts:2,835 Points:607,055 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:58:43 AM Ignore LilRedWagonIN Report Abuse So, I will agree that the US dollar is weak (and will continue to be) because of this administration; and that the Chinese economy is booming and they are sucking up Middle East supplies.
eaglev Champion Author Oklahoma City Posts:2,371 Points:609,615 Joined:Jul 2005	Message Posted: Mar 12, 2010 8:56:09 AM Ignore eaglev Report Abuse Speculators kept the price high over the winter so they can go to $100 this summer.
Zinnoil Champion Author Florida Posts:18,901 Points:2,139,725 Joined:May 2004	Message Posted: Mar 12, 2010 8:54:33 AM Ignore Zinnoil Report Abuse Crude is currently $82.33.
donny47 All-Star Author New Hampshire Posts:847 Points:351,120 Joined:Feb 2009	Message Posted: Mar 12, 2010 8:54:16 AM Ignore donny47 Report Abuse dollar will ger weaker.
Blazer197 Champion Author New Haven Posts:1,112 Points:218,825 Joined:Feb 2009	Message Posted: Mar 12, 2010 8:51:00 AM Ignore Blazer197 Report Abuse We have a weak dollar thanks to OBAMA.
nurdco Champion Author Colorado Springs Posts:3,827 Points:718,055 Joined:Apr 2008	Message Posted: Mar 12, 2010 8:49:54 AM Ignore nurdco Report Abuse Yada Yada
doncNJ Champion Author New Jersey Posts:2,780 Points:565,920 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:49:44 AM Ignore doncNJ Report Abuse Oil will continue to rise. Summer is just around the corner.
rasprout Champion Author Tacoma Posts:1,521 Points:389,495 Joined:Jun 2009	Message Posted: Mar 12, 2010 8:46:56 AM Ignore rasprout Report Abuse Gotta love it... Come on Speculation Reform!!! That should only cost the government 1 Trillion to enact...
repeater1 Champion Author Kansas Posts:3,462 Points:1,405,320 Joined:Oct 2005	Message Posted: Mar 12, 2010 8:45:29 AM Ignore repeater1 Report Abuse Speculators at work again.
fullauto All-Star Author Reading Posts:981 Points:606,080 Joined:Apr 2008	Message Posted: Mar 12, 2010 8:43:19 AM Ignore fullauto Report Abuse go energy funds!
BrucePen Champion Author Ontario Posts:2,798 Points:595,795 Joined:Sep 2008	Message Posted: Mar 12, 2010 8:42:03 AM Ignore BrucePen Report Abuse A slow steady rise until record prices this summer.
humblepie Champion Author Toledo Posts:7,995 Points:1,397,965 Joined:Mar 2006	Message Posted: Mar 12, 2010 8:41:03 AM Ignore humblepie Report Abuse when the printing presses stop running 24/7 printing iou's the dollar will recover nicely and oil will drop, but refiners will continue to drive pump prices higher
GoBlazers Champion Author Washington Posts:2,814 Points:401,410 Joined:Dec 2008	Message Posted: Mar 12, 2010 8:40:19 AM Ignore GoBlazers Report Abuse Yeah, I'm pretty sure the price of crude is driven by healthcare reform, whining genius.
Bill00 Sophomore Author Los Angeles Posts:174 Points:1,141,420 Joined:Oct 2005	Message Posted: Mar 12, 2010 8:39:50 AM Ignore Bill00 Report Abuse Oils the real world currency these days, so as the dollar weakens, oils goes up.
915Chief Champion Author San Diego Posts:3,650 Points:715,275 Joined:Aug 2008	Message Posted: Mar 12, 2010 8:39:34 AM Ignore 915Chief Report Abuse Sleepyt has hit the nail right on the head.
applejoe Champion Author Twin Cities Posts:2,682 Points:556,070 Joined:May 2001	Message Posted: Mar 12, 2010 8:37:28 AM Ignore applejoe Report Abuse The dollar will continue to weakened until we get some one in Washington that knows something about economics and not try to ram through a pet project that the people DON'T want.
sleepyt Champion Author Chicago Posts:1,405 Points:420,265 Joined:Mar 2008	Message Posted: Mar 12, 2010 8:36:01 AM Ignore sleepyt Report Abuse Dollar rises, gasoline price at the pump rises. Dollar falls, gasoline price at the pump rises. Do y'all see something wrong with the facts here? Not good news for the U.S. economy, and hope of recovery.
iluna All-Star Author Colorado Springs Posts:950 Points:138,485 Joined:Jun 2007	Message Posted: Mar 12, 2010 8:34:05 AM Ignore iluna Report Abuse Here we go again!! No wonder us common folk can't get back on our feet. Somebody always seems to be knocking us down!
ACTown All-Star Author Oregon Posts:888 Points:713,040 Joined:Jun 2007	Message Posted: Mar 12, 2010 8:34:00 AM Ignore ACTown Report Abuse No doubt it will continue to rise. Profit profit profit
RocketmanC99 Champion Author Missouri Posts:1,264 Points:442,800 Joined:Jan 2007	Message Posted: Mar 12, 2010 8:33:47 AM Ignore RocketmanC99 Report Abuse Thanks alot IEA.