Oil prices rise above 115 dollars

[pkpatriotic]

Oil prices rise above 115 dollars
Updated at: 1500 PST, Wednesday, August 20, 2008
LONDON: Oil prices extended recent gains Wednesday, with New York crude climbing above 115 dollars a barrel, on prospects of a possible cut to OPEC production, traders said.

New York's main contract, light sweet crude for September delivery, climbed 55 cents to 115.08 dollars a barrel.

London's Brent North Sea crude for October delivery advanced 54 cents to 113.79 dollars a barrel in electronic deals.

Crude oil prices had already closed up by more than one dollar on Tuesday after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues.

Despite the latest price gains, world oil prices are down from record highs of above 147 dollars, reached in July, as weak US economic data raise fears for oil demand and dim investor appetite for commodities.

The Organization of Petroleum Exporting Countries (OPEC), which is steered by Saudi Arabia, produces about 40 percent of the world's oil.

 

[Contrarian]

Oil prices rise above 115 dollars
Updated at: 1500 PST, Wednesday, August 20, 2008
LONDON: Oil prices extended recent gains Wednesday, with New York crude climbing above 115 dollars a barrel, on prospects of a possible cut to OPEC production, traders said.

Crude oil prices had already closed up by more than one dollar on Tuesday after OPEC member Venezuela said it would ask the cartel at its September meeting to cut production if downward price pressure continues.

The bloody ba$tards! Since the oil prices are comming down, they resort to speculation about a production cut.

They dont realize that high prices of petroleum are killing middle and low income countries. They want their dollars making the damned dictators and kings even richer!

They are killing the proverbial golden goose. If high oil prices continue in the long term, more and more money will be pumped into cleaner technologies and other alternatives. It would harm them in the long run. Indeed the last time when prices were high, a lot of money was pumped into clean tech's and we are seeing the results of that now.
I for one would be the happiest man to see the day that oil becomes almost worthless, and the kings sitting in KSA realize that there would be no more cash flowing in. The cash they have bestowed so generously to all the terrorist organizations that are wahabist.

 

[nitesh]

But till that time they must have got enough cash to invest in lot of companies they need not to do anything after that. The high oil prices are not good for world economy

 

[Contrarian]

But till that time they must have got enough cash to invest in lot of companies they need not to do anything after that.

Have you seen the economy of Saudi Arabia? They got nothing of an indegenous industry going on at a global scale apart from telecom companies!

A couple of companies does not mean that they would run the world like they do now. They would have to say goodbye to their terrorist financing and the military they sustain.

The high oil prices are not good for world economy

They dont seem to care.

 

[jaison]

all this will last only for a while,then they will run out of gas and am afraid it will happen faster than predicted........after that they will be heading for a worse than africa situation.

 

[nitesh]

Have you seen the economy of Saudi Arabia? They got nothing of an indegenous industry going on at a global scale apart from telecom companies!

A couple of companies does not mean that they would run the world like they do now. They would have to say goodbye to their terrorist financing and the military they sustain.


They dont seem to care.

Sir my point is that with such a money flowing in and economies in not good shape they can use the money to buy stakes in companies thus getting indirect control over a lot of matters.