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

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.
Comments (3)
  • investguru
    , contributor
    Comments (25) | Send Message
     
    Demand destruction is already well underway. Prepare for a "surprise" reduction in US bbl/day usage, below IEA nad EIA forecasts.
    8 Feb 2013, 10:32 AM Reply Like
  • Ray - Kitchener
    , contributor
    Comments (74) | Send Message
     
    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 2013, 11:45 AM Reply Like
  • User 7019551
    , contributor
    Comment (1) | Send Message
     
    Bought some USO calls
    8 Feb 2013, 01:58 PM Reply Like
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