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Even as the price of benchmark Brent crude surges to nine-month highs above $118/bbl, OPEC's...

  • Friday, February 8, 10:20 AM ET
    Even as the price of benchmark Brent crude surges to nine-month highs above $118/bbl, OPEC's Persian Gulf members are not inclined to increase production to help ease prices. In fact, Platt's says the Saudis cut production again in January. But if Brent hits $120, thoughts of demand erosion might start to creep in; with Europe's economy still on its sick bed, higher oil prices could prove too much to bear.
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This news story has 3 comments:

  •  
    Demand destruction is already well underway. Prepare for a "surprise" reduction in US bbl/day usage, below IEA nad EIA forecasts.
    8 Feb, 10:32 AM Reply Like
  •  
    Of course they don't care if it hits $120. More profits even if they sell less. Work less and make more $. It keeps the masses at bay in the Arab world while the elite bask in their wealth. With all this printing of $, Oil will continue higher until the public in Europe and North America say enough. Over $100 a barrel in WTI will take the US down. Occupy Wall Street may become "Storm the barricades".
    8 Feb, 11:45 AM Reply Like
  •  
    Bought some USO calls
    8 Feb, 01:58 PM Reply Like
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