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Getbig Main Boards => Politics and Political Issues Board => Topic started by: SAMSON123 on February 24, 2011, 02:24:13 PM
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Personally I think this is something screamed fro the sake of calming any surges/ebbs in the oil market. However we will see....
Oil Settles Near $97 on Rumors Gaddafi Shot
Published: Thursday, 24 Feb 2011 | 4:58 PM ET Text Size
By: Reuters with CNBC.com
Oil sank from 2-1/2-year highs near $120 a barrel Thursday in a late-day rout, dragged down by an unsubstantiated rumor Muammar Gaddafi had been shot and Saudi Arabia's assurances it can counter Libyan supply disruptions.
A U.S. official said Washington had no reason to believe the Libyan leader was dead after the rumor swept through oil markets and sent prices tumbling more than $2 a barrel just before settlement.
Prices surged in early activity on news the Libyan revolt had caused large disruptions in the OPEC nation's oil supplies — potentially up to three-quarters of output — though the scale of the loss could not be confirmed.
Markets had earlier eased on news top OPEC exporter Saudi Arabia was in talks with European refiners affected by the disruption.
London Brent crude [LCOCV1 111.17 -0.08 (-0.07%) ] hit $119.79 a barrel — the highest since August 2008 — in early activity then dropped to $110.51 late, marking the widest trading range for the benchmark since September 2008. Brent settled up 11 cents at $111.36 a barrel, dropping more than $1 in post-settlement activity.
U.S. light, sweet crude [CLCV1 96.62 -1.48 (-1.51%) ] for April delivery settled down 82 cents at $97.28 a barrel, after touching $103.41, the highest since September 2008.
Brent's performance pushed its premium to U.S. oil, which has been weighed down by high inventories at the Cushing, Oklahoma delivery point for the New York Mercantile Exchange's U.S. oil contract, out more than a dollar to over $14 a barrel.
Further pressure on prices came after the International Energy Agency again called on OPEC to draw on excess oil production capacity if required to counter Libyan supply losses.
The IEA estimates the unrest has cut off 500,000 to 750,000 barrels per day (bpd) of Libyan output. Italian oil company ENI, the biggest foreign operator, estimated 1.2 million bpd of the country's 1.6 million bpd had been shut down as international firms pull out workers.
Options trade volumes for the New York Mercantile Exchange's U.S. oil contract hit a record on Wednesday as the unrest sent prices higher, with traders saying bets were being laid for a spike to $120 a barrel by April.
While traders focused on Libya, some support also came after U.S. Energy Information Administration data showed a lower-than-expected build in domestic crude inventories and hefty drawdowns in gasoline and distillate stocks last week.
http://www.cnbc.com/id/41747049
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You're really baiting for responses with a title like that? How pathetic.
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Obama will be deeply saddened for sure.
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You're really baiting for responses with a title like that? How pathetic.
I was going to move this to the ct board until I saw cnbc had the same title to their article. looks like reuters had similar:
http://news.yahoo.com/s/nm/20110224/bs_nm/us_oil_gaddafi_2
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You're really baiting for responses with a title like that? How pathetic.
And just look at the JACKASS it caught.
BTW The title is true...that is if you read the article which I am sure your illiterate ass could not and did not
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I was going to move this to the ct board until I saw cnbc had the same title to their article. looks like reuters had similar:
http://news.yahoo.com/s/nm/20110224/bs_nm/us_oil_gaddafi_2
Ha, guess I was wrong.
And just look at the JACKASS it caught.
BTW The title is true...that is if you read the article which I am sure your illiterate ass could not and did not
After reading through the number Hugo just did on you in that debacle of a thread about Albert Pike I wouldn't be calling anyone a jackass. :-*