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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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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.
scoop2008 Veteran Author Ontario Posts:251 Points:179,005 Joined:Mar 2008	Message Posted: Mar 12, 2010 8:33:33 AM Ignore scoop2008 Report Abuse suprise suprise suprise hosed again
egd Champion Author Twin Cities Posts:4,065 Points:1,334,710 Joined:Mar 2005	Message Posted: Mar 12, 2010 8:33:23 AM Ignore egd Report Abuse value of dollar has weakened, has value of oil changed?
twiper1 Champion Author San Diego Posts:2,946 Points:632,095 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:31:07 AM Ignore twiper1 Report Abuse Should we be suprised
afghaned Champion Author Hamilton Posts:4,381 Points:312,775 Joined:May 2004	Message Posted: Mar 12, 2010 8:30:33 AM Ignore afghaned Report Abuse Until supply & demand once again rules how oil/gas are priced we'll continue to be hosed.
SosMN Rookie Author Twin Cities Posts:5 Points:69,750 Joined:Feb 2010	Message Posted: Mar 12, 2010 8:30:32 AM Ignore SosMN Report Abuse Oil market is going to push the people over our limits again.
mackconsult Champion Author Portland Posts:1,275 Points:270,585 Joined:Jan 2009	Message Posted: Mar 12, 2010 8:27:45 AM Ignore mackconsult Report Abuse I'm close to being prepared.
Lizzylou Champion Author Stockton Posts:4,535 Points:1,504,700 Joined:Oct 2005	Message Posted: Mar 12, 2010 8:27:33 AM Ignore Lizzylou Report Abuse OIL UP GAS UP
Sam195 Champion Author San Bernardino Posts:3,225 Points:620,325 Joined:Oct 2008	Message Posted: Mar 12, 2010 8:25:58 AM Ignore Sam195 Report Abuse I hope the analyst is right about prices being too high.
REVLAW Champion Author San Antonio Posts:5,429 Points:1,034,065 Joined:Jul 2007	Message Posted: Mar 12, 2010 8:25:35 AM Ignore REVLAW Report Abuse "... and prices are way too high for demand to recover strongly. ..." I agree.
ndhoanggia All-Star Author New York Posts:696 Points:215,505 Joined:Apr 2009	Message Posted: Mar 12, 2010 8:21:26 AM Ignore ndhoanggia Report Abuse Summer is coming
skybiker Champion Author South Carolina Posts:3,340 Points:663,205 Joined:Jul 2008	Message Posted: Mar 12, 2010 8:19:51 AM Ignore skybiker Report Abuse They verbalize a target and the specs shoot for it. Ignore the technicals ...shoot for the target......Little people like you and me need not play...
FPLREP Champion Author Virginia Posts:3,370 Points:1,500,810 Joined:Oct 2005	Message Posted: Mar 12, 2010 8:18:38 AM Ignore FPLREP Report Abuse SSDD!
MarkJM All-Star Author Little Rock Posts:765 Points:867,600 Joined:Oct 2005	Message Posted: Mar 12, 2010 8:18:01 AM Ignore MarkJM Report Abuse Here we go again. prices are rising because of what they think will happen without concern of what is really going on. So much for supply and demand
rowing All-Star Author Macon Posts:880 Points:261,610 Joined:Sep 2009	Message Posted: Mar 12, 2010 8:15:52 AM Ignore rowing Report Abuse same thing again gas on the rise
QueenMother Champion Author New Hampshire Posts:2,746 Points:1,224,225 Joined:May 2006	Message Posted: Mar 12, 2010 8:14:08 AM Ignore QueenMother Report Abuse Here we go again.
srchr Champion Author San Jose Posts:2,498 Points:694,570 Joined:Apr 2008	Message Posted: Mar 12, 2010 8:13:40 AM Ignore srchr Report Abuse are they noticing we are printing money lickety split?
cloud23465 Champion Author Virginia Beach Posts:3,158 Points:659,170 Joined:Aug 2008	Message Posted: Mar 12, 2010 8:12:20 AM Ignore cloud23465 Report Abuse Translation... were going to screwed at the pumps!