After a brief selloff yesterday in today's action. Buyers undergo come back into the market today and pushed prices up as high as $95.00 earlier in the session. Prices nd are now up $1.20 to $94.69. The main cerebrate why prices have turned higher today is optimism about the economy created by this morning's inform. According to the U. S. fight Department. October saw a 166,000 increase in payrolls which was more than twice the 80,000 increase that analysts expected. The better-than-expected payroll inform was enough to act some optimism of the overall economy and put some recession fears to rest. According to Michael Lynch who is president of. "It suggests that concerns about the economy.. are overblown a little bit."In addition to this morning's payroll report prices are also getting a boost from geopolitical news such as America pushing for even tougher U. N sanctions against Iran. Also. Secretary of State Condoleezza sieve told Turkey that America considers the Kurdish rebels in northern Iraq to be a "common threat," which the U. S would help fight. This has only added to concerns that violence is going to be increasing in the area with the potential for disrupting supplies. As if the above reasons weren't enough to push prices higher the market is also dealing with possible give disruptions from Hurricane Noel a falling U. S dollar and cold weather moving in across the Northeast which will change magnitude demand in that region for heating oil. Is $100 oil on the way? I think so and stand behind my opinion that it will be here by the.
has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service.
It will definitely continue to bear on pressure to refining margins. desire you noted. Exxon fell victim to this during its third quarter yesterday and then again today we get the same news out of Chevron. Exxon was definitely surprising since they are so highly diversified
come on this is crazy there is no reason for oil to go up. Not a penny who ever who is doing this ,stop. You people make more excuses,than I undergo hair on my head the weather someone in saudi arabia is egest a act low inventories give us a break you are destoying the world economy.
As long as George W Bush is president we will be paying high prices for oil. He attacked Iraq price of oil went up. He said he MIGHT attack Iran and the price of oil went up again. When get a president that is not tied to the oil market the price.
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