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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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cpl11787 All-Star Author Minnesota Posts:630 Points:123,275 Joined:Jan 2010	Message Posted: Mar 13, 2010 7:40:44 PM Ignore cpl11787 Report Abuse again.
Bonanza Champion Author Boston Posts:6,001 Points:1,537,040 Joined:Jun 2004	Message Posted: Mar 13, 2010 6:09:47 PM Ignore Bonanza Report Abuse Oils the real world currency these days, so as the dollar weakens, oils goes up
ENORMS Champion Author Colorado Posts:1,968 Points:661,950 Joined:Sep 2006	Message Posted: Mar 13, 2010 8:37:30 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
PDQBlues Champion Author San Diego Posts:2,094 Points:465,750 Joined:Jan 2009	Message Posted: Mar 12, 2010 5:04:38 PM Ignore PDQBlues Report Abuse Oil prices go up, oil prices go down all while gas prices remain too high.
CPGas1815 Champion Author Michigan Posts:1,494 Points:212,745 Joined:Apr 2008	Message Posted: Mar 12, 2010 1:44:02 PM Ignore CPGas1815 Report Abuse "If we don't produce we can't reduce" should be our rallying call to arms. We will never be able to reduce our debt burdens if we continue to fail to produce exportable products. We now owe to our Asian debtors multiple Trillions of Dollars. And the amount of that debt is growing every second of every day. Of course Asia is prospering and their demand for energy products is exploding. There have been uncountable millions of jobs that once provided gainful employment to patriotic Americans that have been out sourced to Asia and beyond. Naturally, America's manufacturing production has plummeted. Our Congressional Representatives in Washington have for decades done little if anything to pro-actively plan for Asia's economic ascent. Whatever happened to "Freedom and Justice for all"? It seems that corporate entities have the "Freedom" to do anything they can to realize an exploitive advantage. And with that perceived privileged advantage, the most egregious corporate entities will time and time again inflict their dastardly brand of "Justice" upon their very own customers. "IF WE DON'T PRODUCE, WE WON'T REDUCE!!!” Shout it loud and shout it proud!! And Shout it most loudly to your Senator and Congressional Representative.
Greg6901 All-Star Author Oakland Posts:574 Points:184,195 Joined:Jan 2010	Message Posted: Mar 12, 2010 11:40:34 AM Ignore Greg6901 Report Abuse Oil is always going up it seems.
diatzikis All-Star Author Raleigh Posts:718 Points:193,305 Joined:Jul 2008	Message Posted: Mar 12, 2010 11:20:12 AM Ignore diatzikis Report Abuse Same news. Oil is going up
nehemiah All-Star Author Portland Posts:871 Points:112,650 Joined:Jul 2007	Message Posted: Mar 12, 2010 11:13:08 AM Ignore nehemiah Report Abuse rise in demand in Asia is really key to the reason why oil is going up
quattro02 Champion Author Twin Cities Posts:1,181 Points:111,830 Joined:Nov 2003	Message Posted: Mar 12, 2010 11:09:48 AM Ignore quattro02 Report Abuse The headline should read "Crude Oil Rises as Speculators Return to Their 2007 Greed."
saleboss All-Star Author Phoenix Posts:582 Points:514,885 Joined:Feb 2006	Message Posted: Mar 12, 2010 11:05:32 AM Ignore saleboss Report Abuse What's new forcasts up, price at the pump up!
Paw5X Champion Author Gary Posts:5,570 Points:1,523,285 Joined:May 2005	Message Posted: Mar 12, 2010 11:04:23 AM Ignore Paw5X Report Abuse 1988MR2guy must be stuck on his answers just like the Toyota gas pedal!!
dollarwatcher Champion Author Wisconsin Posts:2,806 Points:524,150 Joined:Mar 2007	Message Posted: Mar 12, 2010 11:02:46 AM Ignore dollarwatcher Report Abuse It's all about the final answere, PUMP PRICE.
comet64 Champion Author Illinois Posts:1,250 Points:258,825 Joined:Feb 2006	Message Posted: Mar 12, 2010 10:57:11 AM Ignore comet64 Report Abuse some one needs to super glue that dollar
flyfast Champion Author Kansas City Posts:4,313 Points:838,700 Joined:Jan 2008	Message Posted: Mar 12, 2010 10:54:45 AM Ignore flyfast Report Abuse dollar up and down oil up
1988MR2guy Veteran Author California Posts:401 Points:193,595 Joined:Oct 2009	Message Posted: Mar 12, 2010 10:53:43 AM Ignore 1988MR2guy Report Abuse If speculators were removed from the market, crude would be trading between $25 and $35 a barrel, and not flirting with "breaking $100"... Some rule changes would do this - quickly and simply: 1. require that buyers of futures contracts have the physical capacity to TAKE DELIVERY 2. require that sellers of futures contracts either possess the actual product, or be in the actual business of producing/growing/manufacturing the actual product 3. make naked short-selling illegal - period. 4. restore the up-tick rule for covered short sales. No action by "congress" is needed - just a rule change by the SEC, an almost overnight process should they decide to "grow a pair" and do what needs be done. Remember: the opposite of PRO is CON So - that must mean the opposite of PROgress is CONgress...
VWC Veteran Author Maryland Posts:378 Points:644,415 Joined:Oct 2004	Message Posted: Mar 12, 2010 10:52:23 AM Ignore VWC Report Abuse It's $82.11 now.
FPLREP Champion Author Virginia Posts:3,228 Points:1,461,855 Joined:Oct 2005	Message Posted: Mar 12, 2010 10:45:56 AM Ignore FPLREP Report Abuse Not anymore...down to $81.14!
NorthglennBill Champion Author Denver Posts:2,892 Points:549,735 Joined:Oct 2008	Message Posted: Mar 12, 2010 10:45:38 AM Ignore NorthglennBill Report Abuse "Demand from refineries is still very low and prices are way too high for demand to recover strongly.” I wouldn't bet on this statement, the oil speculators will see to that.
ccrb Champion Author Indianapolis Posts:8,701 Points:1,652,450 Joined:Aug 2003	Message Posted: Mar 12, 2010 10:41:38 AM Ignore ccrb Report Abuse z-z-z-z
pecos Champion Author Columbus Posts:3,629 Points:1,222,075 Joined:Jul 2005	Message Posted: Mar 12, 2010 10:40:57 AM Ignore pecos Report Abuse Speculators said oil prices need to go up...
plebe2001de All-Star Author Delaware Posts:884 Points:184,840 Joined:Nov 2009	Message Posted: Mar 12, 2010 10:40:21 AM Ignore plebe2001de Report Abuse OK why did we need thus article. Nothing new here. Dollar goes down crude oil prices go up. Dollar goes up crude oil price go down. There we have heard this over and over again.
njerald Champion Author Seattle Posts:2,698 Points:628,830 Joined:Oct 2007	Message Posted: Mar 12, 2010 10:39:13 AM Ignore njerald Report Abuse Ho hum.....
mmene Champion Author Houston Posts:2,378 Points:547,820 Joined:May 2008	Message Posted: Mar 12, 2010 10:37:49 AM Ignore mmene Report Abuse Just navel gazing about small movements in price. Yawn.
yukonjack Champion Author Georgia Posts:4,224 Points:1,112,195 Joined:Oct 2004	Message Posted: Mar 12, 2010 10:33:29 AM Ignore yukonjack Report Abuse So what else is new.
Xpoint Champion Author Idaho Posts:5,133 Points:664,750 Joined:May 2004	Message Posted: Mar 12, 2010 10:31:29 AM Ignore Xpoint Report Abuse Something new every day. Always bad for gas prices.
zdn Champion Author New Jersey Posts:1,095 Points:280,020 Joined:Sep 2009	Message Posted: Mar 12, 2010 10:29:49 AM Ignore zdn Report Abuse what demand i demand lower prices
eddyp94 Champion Author Ontario Posts:3,971 Points:831,785 Joined:Mar 2008	Message Posted: Mar 12, 2010 10:27:51 AM Ignore eddyp94 Report Abuse here we go again.Things get better then they raise oil prices.....
Vigdia Champion Author Los Angeles Posts:1,240 Points:213,220 Joined:Sep 2008	Message Posted: Mar 12, 2010 10:25:35 AM Ignore Vigdia Report Abuse It's heading for $100/b...
opecsucks76 Champion Author Milwaukee Posts:1,280 Points:413,320 Joined:Jan 2009	Message Posted: Mar 12, 2010 10:25:03 AM Ignore opecsucks76 Report Abuse Drive the price down to 65 a barrel.
call911ok All-Star Author Vancouver Posts:544 Points:75,890 Joined:Mar 2009	Message Posted: Mar 12, 2010 10:18:31 AM Ignore call911ok Report Abuse Do you guys see the DIVE? It's no longer a rise but a fall. Somebody made a lot of money this morning.
raleightom All-Star Author Raleigh Posts:765 Points:215,710 Joined:Nov 2007	Message Posted: Mar 12, 2010 10:15:51 AM Ignore raleightom Report Abuse "Crude Oil Rises" Nothing new here !
Bud122CA Champion Author California Posts:2,785 Points:641,000 Joined:Jul 2008	Message Posted: Mar 12, 2010 10:13:23 AM Ignore Bud122CA Report Abuse Pure Greed!
MightyDude Champion Author Minnesota Posts:5,144 Points:1,634,745 Joined:Mar 2003	Message Posted: Mar 12, 2010 10:05:40 AM Ignore MightyDude Report Abuse round 'n round she goes ;)
VTROCK Champion Author Detroit Posts:1,781 Points:385,005 Joined:Sep 2008	Message Posted: Mar 12, 2010 10:03:41 AM Ignore VTROCK Report Abuse We'll just have to print more money to buy that expensive crude. If the price of paper and ink goes up much, we could be in big trouble.
Plebe2001 Champion Author Philadelphia Posts:2,065 Points:371,300 Joined:Jul 2008	Message Posted: Mar 12, 2010 10:02:59 AM Ignore Plebe2001 Report Abuse Up and Down, Up and Down.
sg413 Champion Author California Posts:2,029 Points:448,910 Joined:Apr 2008	Message Posted: Mar 12, 2010 10:02:59 AM Ignore sg413 Report Abuse It will be $100 by June.
WillCody Champion Author Austin Posts:2,329 Points:505,765 Joined:Jul 2008	Message Posted: Mar 12, 2010 10:02:24 AM Ignore WillCody Report Abuse If we could persuade the politicians to stop spending money we don't have, i.e. stop printing and borrowing, perhaps the dollar would strengthen and oil would come down (at least a bit)!
NewfieGasMan Veteran Author Newfoundland Posts:387 Points:209,505 Joined:Oct 2009	Message Posted: Mar 12, 2010 10:00:46 AM Ignore NewfieGasMan Report Abuse anything to get the price up.
SeerLV Champion Author Las Vegas Posts:3,301 Points:679,060 Joined:Jun 2008	Message Posted: Mar 12, 2010 9:58:22 AM Ignore SeerLV Report Abuse Any excuse to raise the price.
Lengas Champion Author Gary Posts:8,171 Points:1,701,730 Joined:Nov 2004	Message Posted: Mar 12, 2010 9:58:10 AM Ignore Lengas Report Abuse Prices going up
Valricoslash Champion Author Tampa Posts:1,609 Points:360,070 Joined:Nov 2008	Message Posted: Mar 12, 2010 9:57:42 AM Ignore Valricoslash Report Abuse Up this minute down the next. Who cares? Can't you guys find more intersting stuff to print.
GryphonX Champion Author Nevada Posts:2,741 Points:700,730 Joined:Nov 2007	Message Posted: Mar 12, 2010 9:56:08 AM Ignore GryphonX Report Abuse Saw this one coming ...
NavyEOD Champion Author Los Angeles Posts:4,949 Points:1,020,990 Joined:Jul 2007	Message Posted: Mar 12, 2010 9:56:00 AM Ignore NavyEOD Report Abuse I think prices should be falling.
Somis1 Champion Author Ventura Posts:8,129 Points:1,624,590 Joined:Jul 2005	Message Posted: Mar 12, 2010 9:55:35 AM Ignore Somis1 Report Abuse Seems like it will inevitably fall back into the seventies range. Where's the demand?
Doubleeez Champion Author Connecticut Posts:2,547 Points:515,990 Joined:Sep 2005	Message Posted: Mar 12, 2010 9:55:08 AM Ignore Doubleeez Report Abuse Makes no sense that pump prices continue to rise.
davidel57 Champion Author Houston Posts:2,052 Points:413,390 Joined:Apr 2008	Message Posted: Mar 12, 2010 9:52:38 AM Ignore davidel57 Report Abuse there goes the economic recovery...out the window!
HailstormCA Champion Author San Diego Posts:3,310 Points:574,530 Joined:Nov 2008	Message Posted: Mar 12, 2010 9:52:06 AM Ignore HailstormCA Report Abuse pnd1: The biggest waste is the environmentalists
slvrdo_dsprdo Champion Author Nashville Posts:1,784 Points:361,430 Joined:Jul 2008	Message Posted: Mar 12, 2010 9:51:49 AM Ignore slvrdo_dsprdo Report Abuse pnd1 Just catch it and use it to "mulch" their front yards.
BamaPack All-Star Author Atlanta Posts:846 Points:224,425 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:1,784 Points:361,430 Joined:Jul 2008	Message Posted: Mar 12, 2010 9:50:43 AM Ignore slvrdo_dsprdo Report Abuse facepalm Here we go again.