Oil Rises for First Time in 5 Days on Rate Cut Speculation

Not logged in [Log In] [Sign Up] [Points Leaders] [My Profile]

Monday, December 01, 2008 3:34:20 PM

Featured Sponsor

Save 5% on gas Get a 5% rebate on gas purchases with the Discover Card* Click here for more info


Add gas prices to your web site. Click here to find out how!

GasBuddy News Article

Oil Rises for First Time in 5 Days on Rate Cut Speculation Tuesday, October 07, 2008
Bloomberg -- Oct. 7 (Bloomberg) -- Crude oil rose for the first time in five days as an interest-rate cut in Australia triggered speculation that other central banks will ease policy to shore up economic growth. Oil also rose on speculation OPEC, due to meet in December, may trim supply. Libya's top oil official called for a cut, while Qatar's oil minister said it's reducing output in line with official quotas. OPEC President Chakib Khelil said the group will take ``appropriate measures'' to stabilize international markets. ``We'll see more commitment from central banks that will help the market in the short term,'' said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. ``If prices fall to $80, the possibility of OPEC cutting before its December meeting increases.''
Visit Bloomberg for full article

Message Forum - Read Message

Category: Daily News Article Discussions > Topics		Add to favorite topics Post New Topic
Rate this topic: Low 1 - 2 - 3 - 4 - 5 High Avg rating: 5.0 (1 votes)

Author	Topic: Oil Rises for First Time in 5 Days on Rate Cut Speculation	Post a Reply Back to Topics

JT Moderator	Message Posted: 10/7/2008 10:55:14 AM	Ignore JT Report Abuse
	Tuesday, October 07, 2008 Bloomberg -- Oct. 7 (Bloomberg) -- Crude oil rose for the first time in five days as an interest-rate cut in Australia triggered speculation that other central banks will ease policy to shore up economic growth. Oil also rose on speculation OPEC, due to meet in December, may trim supply. Libya's top oil official called for a cut, while Qatar's oil minister said it's reducing output in line with official quotas. OPEC President Chakib Khelil said the group will take ``appropriate measures'' to stabilize international markets. ``We'll see more commitment from central banks that will help the market in the short term,'' said Hannes Loacker, an analyst at Raiffeisen Zentralbank Oesterreich in Vienna. ``If prices fall to $80, the possibility of OPEC cutting before its December meeting increases.'' Visit Bloomberg for full article

REPLIES (newest first)

First

Next Last

mcrodgers2 Rookie Author Los Angeles Posts:79 Points:52,655 Joined:Mar 2004	Message Posted: 10/11/2008 6:38:10 AM	Ignore mcrodgers2 Report Abuse
	Oil prices have gone down since this article but I believe after the credit crisis and the stock markets settle down the tread is going to reverse...with a vengeance. The world runs on oil and its getting scarcer. Demand may slack off quit a bit but no where near the level the current price of a barrel suggests.
POLELANE Champion Author Ohio Posts:2,329 Points:248,985 Joined:Mar 2008	Message Posted: 10/8/2008 12:38:00 PM	Ignore POLELANE Report Abuse
	darn that OPUKE
duriarte All-Star Author Utah Posts:755 Points:163,565 Joined:May 2008	Message Posted: 10/8/2008 12:09:37 PM	Ignore duriarte Report Abuse
	Greed, pure and simple greed. OPEC went for years okay with oil at $45 a barrel, now they want to keep it at $100 a barrel. Now more than ever we need to shove their oil back up their butts. Keep conserving America until we can find and develop alternatives.
91Acclaim Veteran Author Maryland Posts:410 Points:84,810 Joined:Aug 2008	Message Posted: 10/8/2008 12:07:01 PM	Ignore 91Acclaim Report Abuse
	Here we go again......
MajorSteve All-Star Author Oklahoma City Posts:548 Points:248,070 Joined:Sep 2006	Message Posted: 10/8/2008 11:35:03 AM	Ignore MajorSteve Report Abuse
	down to 2.75 here this AM
bigbing64 Rookie Author Memphis Posts:16 Points:3,470 Joined:Sep 2008	Message Posted: 10/8/2008 11:14:19 AM	Ignore bigbing64 Report Abuse
	As long as we keep our minds on conservation, such as not letting your car idle for an unnecessary amount of time and not flooring it when the light turns green then the demand will keep dropping and the price will keep dropping as well.
TheBill Rookie Author Detroit Posts:46 Points:22,615 Joined:Sep 2005	Message Posted: 10/8/2008 11:01:20 AM	Ignore TheBill Report Abuse
	Demand has slowed, so oil prices dropped. Now they will slow production and make it more in demand. Witch will raise the price again, even at less output. I'm pretty sure the price will spike before X-Mas. Welcome to the new age of economics.
sailormon All-Star Author Michigan Posts:669 Points:210,180 Joined:Jul 2007	Message Posted: 10/8/2008 10:58:40 AM	Ignore sailormon Report Abuse
	Up, Down...I can't keep up!
ramshot412 Champion Author Riverside Posts:12,023 Points:1,205,630 Joined:Apr 2004	Message Posted: 10/8/2008 10:52:33 AM	Ignore ramshot412 Report Abuse
	"They know how to work the system........." Maybe they buy the right people to work the system....
acknot All-Star Author Seattle Posts:926 Points:653,480 Joined:Sep 2003	Message Posted: 10/8/2008 10:49:49 AM	Ignore acknot Report Abuse
	Still below $100.
NavyEOD Champion Author Los Angeles Posts:2,016 Points:442,315 Joined:Jul 2007	Message Posted: 10/8/2008 10:46:39 AM	Ignore NavyEOD Report Abuse
	Now it's going down.
mooneagle All-Star Author Oklahoma City Posts:727 Points:151,140 Joined:Jun 2008	Message Posted: 10/8/2008 10:46:07 AM	Ignore mooneagle Report Abuse
	Speculation and confusion... interchangeable.
tahoe0708 All-Star Author Cincinnati Posts:931 Points:166,730 Joined:Jan 2008	Message Posted: 10/8/2008 10:44:47 AM	Ignore tahoe0708 Report Abuse
	keep up the good work...
BoerneWatch Champion Author San Antonio Posts:6,496 Points:840,945 Joined:Oct 2005	Message Posted: 10/8/2008 10:41:57 AM	Ignore BoerneWatch Report Abuse
	Old article. Oil almost immediately started going down after the close and is down this morning.
Caspertherat Sophomore Author Arkansas Posts:155 Points:37,530 Joined:Jul 2008	Message Posted: 10/8/2008 10:40:56 AM	Ignore Caspertherat Report Abuse
	Right on herbie1NC
herbie1NC All-Star Author North Carolina Posts:683 Points:142,635 Joined:Jun 2008	Message Posted: 10/8/2008 10:39:47 AM	Ignore herbie1NC Report Abuse
	They know how to work the system..........
paoli8 Sophomore Author Philadelphia Posts:102 Points:335,780 Joined:Jul 2007	Message Posted: 10/8/2008 10:39:25 AM	Ignore paoli8 Report Abuse
	I agree with Cableman31
2009TDI All-Star Author San Diego Posts:531 Points:99,070 Joined:Aug 2008	Message Posted: 10/8/2008 10:39:03 AM	Ignore 2009TDI Report Abuse
	opec has to do this, it is the only thing they have.
Don20 Champion Author Oklahoma City Posts:1,581 Points:1,024,595 Joined:Mar 2005	Message Posted: 10/8/2008 10:38:25 AM	Ignore Don20 Report Abuse
	Yep. they will do anything to keep price up..
FFootdoc12 Veteran Author Illinois Posts:255 Points:41,230 Joined:Apr 2008	Message Posted: 10/8/2008 10:38:03 AM	Ignore FFootdoc12 Report Abuse
	its gonna be an interesting ride
Tanks_alot Veteran Author Rhode Island Posts:432 Points:62,860 Joined:Sep 2008	Message Posted: 10/8/2008 10:36:33 AM	Ignore Tanks_alot Report Abuse
	OPEC is reaching the point where it can't afford any cuts without wrecking their own spending plans. Most of these countries don't have any other exports.
laddyboy62 Champion Author Riverside Posts:1,631 Points:1,004,285 Joined:Mar 2005	Message Posted: 10/8/2008 10:35:55 AM	Ignore laddyboy62 Report Abuse
	87$ so far today
Gassipper30mpg Veteran Author Rhode Island Posts:434 Points:114,135 Joined:Jul 2008	Message Posted: 10/8/2008 10:35:02 AM	Ignore Gassipper30mpg Report Abuse
	Gas still comming down here. $3.31 per gal.
mattf373 All-Star Author Atlanta Posts:606 Points:115,720 Joined:Mar 2003	Message Posted: 10/8/2008 10:34:38 AM	Ignore mattf373 Report Abuse
	crazy
tigeriz Veteran Author Maine Posts:302 Points:73,145 Joined:Aug 2008	Message Posted: 10/8/2008 10:34:19 AM	Ignore tigeriz Report Abuse
	old news here.
cableman31 All-Star Author New York Posts:823 Points:440,600 Joined:May 2004	Message Posted: 10/8/2008 10:33:50 AM	Ignore cableman31 Report Abuse
	OPEC will cut production to keep prices high.
Japsmith All-Star Author Tacoma Posts:911 Points:169,790 Joined:Sep 2007	Message Posted: 10/8/2008 10:31:40 AM	Ignore Japsmith Report Abuse
	Many people keep forgetting that we purchase most of our oil from Canada. But the global market still has a hand in the price we pay for that. Even if we do not bid for OPEC oil, other countries like China do. So when we don't buy, they do. But like most customers of any commodity, they too want it at the lowest possible price. Until we no longer purchase any oil from anyone, we will always be at the mercy of the global economy for the price of oil. The price we pay the Canadians is in direct results of what other countries pay for OPEC light, sweet crude.
eaglev Champion Author Oklahoma City Posts:1,033 Points:343,070 Joined:Jul 2005	Message Posted: 10/8/2008 10:31:32 AM	Ignore eaglev Report Abuse
	w4kh We use the most oil because we feel, cloth and support the rest of the world.
qaqcsup Champion Author Michigan Posts:3,321 Points:142,560 Joined:Jun 2008	Message Posted: 10/8/2008 10:31:12 AM	Ignore qaqcsup Report Abuse
	Could this be a political ploy by either party?
tags610 Champion Author Lincoln Posts:2,408 Points:530,275 Joined:Nov 2005	Message Posted: 10/8/2008 10:30:34 AM	Ignore tags610 Report Abuse
	Hopefully it will be short lived.
NissanGirl Veteran Author Oregon Posts:304 Points:170,830 Joined:Jan 2008	Message Posted: 10/8/2008 10:30:13 AM	Ignore NissanGirl Report Abuse
	Hmmm....
rtw777 All-Star Author Florida Posts:995 Points:227,385 Joined:Jan 2008	Message Posted: 10/8/2008 10:28:43 AM	Ignore rtw777 Report Abuse
	The dollar is used because of an agreement between the oil companies, US government and Saudi Arabia after the take-over of the oil fields. There is no good reason to keep gasoline prices high.
w4kh Champion Author Riverside Posts:3,715 Points:651,870 Joined:May 2004	Message Posted: 10/8/2008 10:22:14 AM	Ignore w4kh Report Abuse
	Remember, oil is traded in a GLOBAL MARKET that just happens to be price in US Dollars (only because we are the worst addicts, the biggest wasters and users of oil) Other Countries have taken steps our politicos lack the guts to take - keep the cost of gasoline way high so people change habits, seek alternatives, and conserve... in the perpetual campaigning of Washington, suggesting such a move would be suicide and would cost a brave and far-sighted individual his/her seat... And teh addicts scream for a cheaper fix... deafening, and I don't want the Middle East running my country!
flatcoatfun All-Star Author Orlando Posts:668 Points:199,740 Joined:Nov 2007	Message Posted: 10/8/2008 10:20:34 AM	Ignore flatcoatfun Report Abuse
	bunch of crap
EZExit Veteran Author Phoenix Posts:372 Points:94,025 Joined:Aug 2008	Message Posted: 10/8/2008 10:19:52 AM	Ignore EZExit Report Abuse
	Over speculation on leveraged dollars, and OPEC that has no thoughts of anything other than how get they get the most blood by the gallon out of the US. Old news...
Arktander All-Star Author Illinois Posts:639 Points:366,065 Joined:Aug 2005	Message Posted: 10/8/2008 10:15:27 AM	Ignore Arktander Report Abuse
	That's all we need right now.
thebutnut Champion Author New Jersey Posts:1,772 Points:372,510 Joined:Jan 2007	Message Posted: 10/8/2008 10:08:43 AM	Ignore thebutnut Report Abuse
	The fed threw out their last ace in making this rate cut. Any rate cut after this would only spur inflation. If this country isn't in a depression, I sure am. :( I truely hope the worst is over.
rockinrog All-Star Author Ontario Posts:888 Points:690,655 Joined:May 2006	Message Posted: 10/8/2008 10:08:01 AM	Ignore rockinrog Report Abuse
	That famous word again pertining to oil...SPECULATION!
ljmatney All-Star Author Wichita Posts:643 Points:119,755 Joined:Jul 2008	Message Posted: 10/8/2008 10:03:17 AM	Ignore ljmatney Report Abuse
	more freed up money to buy oil with driving up demand
TheBarefootClub Rookie Author New York Posts:40 Points:25,250 Joined:Nov 2006	Message Posted: 10/8/2008 10:03:09 AM	Ignore TheBarefootClub Report Abuse
	global recession is here!
amacquarrie Veteran Author Nevada Posts:353 Points:81,235 Joined:Jun 2008	Message Posted: 10/8/2008 10:00:54 AM	Ignore amacquarrie Report Abuse
	why would oil raise because of rate cuts?
CHICOS Sophomore Author Salt Lake City Posts:211 Points:32,510 Joined:Aug 2008	Message Posted: 10/8/2008 10:00:16 AM	Ignore CHICOS Report Abuse
	Speculation, business and tricks...
gasman50 Champion Author Portland Posts:1,358 Points:830,350 Joined:Nov 2005	Message Posted: 10/8/2008 9:59:50 AM	Ignore gasman50 Report Abuse
	keep on going down
unicornpmb Veteran Author Buffalo Posts:310 Points:34,635 Joined:Sep 2005	Message Posted: 10/8/2008 9:58:55 AM	Ignore unicornpmb Report Abuse
	If this continues for to long , call a Dr. right away.
Kthyme Champion Author Fort Worth Posts:2,731 Points:887,315 Joined:Apr 2006	Message Posted: 10/8/2008 9:58:37 AM	Ignore Kthyme Report Abuse
	I think we're all sitting in a hand basket...
traindude All-Star Author Virginia Beach Posts:600 Points:191,820 Joined:Jun 2007	Message Posted: 10/8/2008 9:57:41 AM	Ignore traindude Report Abuse
	opec will slow production, and soon they will suckle a dry teet
andyrew Sophomore Author Baltimore Posts:247 Points:80,615 Joined:Aug 2008	Message Posted: 10/8/2008 9:57:25 AM	Ignore andyrew Report Abuse
	speculation..... thats the main problem with gas prices.
JMJarvis1952 Veteran Author Houston Posts:322 Points:133,885 Joined:Jan 2008	Message Posted: 10/8/2008 9:56:47 AM	Ignore JMJarvis1952 Report Abuse
	Can we get alternative OPEC ministers?
Rutzup All-Star Author Connecticut Posts:555 Points:128,160 Joined:Jun 2006	Message Posted: 10/8/2008 9:56:19 AM	Ignore Rutzup Report Abuse
	Prices at the pump need to drop a lot more than they have so far.
10pennypincher Veteran Author St. Louis Posts:454 Points:227,195 Joined:Jan 2007	Message Posted: 10/8/2008 9:53:07 AM	Ignore 10pennypincher Report Abuse
	Oil needs to fall further to help revive the economy