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Crude Oil Poised for Second Weekly Gain on Recovery Optimism

Bloomberg.com -- Crude oil traded above $82 a barrel in New York, poised for a second weekly gain, on optimism fuel demand will recover as China’s economic expansion accelerates.

Oil was little changed amid expectations the Organization of Petroleum Exporting Countries will increase shipments this month on strong demand from China, the world’s second-biggest energy user. China’s inflation last month outstripped returns on household savings, threatening to spur asset purchases.

“China is going to continue to grow strongly, but it’s not going to be at a rampant pace,” said Ben Westmore, a minerals and energy economist at National Australia Bank Ltd. in Melbourne. “The oil market is sitting and waiting to see what happens at the moment.”

Crude oil for April delivery was at $82.17 a barrel, up 6 cents,

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Submitted Mar 12, 2010 By: UncleCurt

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honda0105 Champion Author Tallahassee Posts:15,290 Points:1,146,200 Joined:Nov 2008	Message Posted: Mar 12, 2010 9:56:06 PM Ignore honda0105 Report Abuse talk up the prices.. we sure need higher energy cost so it can keep up with the ever increasing unemployment figures.
mandoid Champion Author Colorado Springs Posts:5,065 Points:1,088,055 Joined:May 2008	Message Posted: Mar 12, 2010 8:34:35 AM Ignore mandoid Report Abuse another day another price
MUSTANGSRUS Champion Author Ontario Posts:7,394 Points:1,510,045 Joined:Sep 2006	Message Posted: Mar 12, 2010 7:44:35 AM Ignore MUSTANGSRUS Report Abuse Greed rules. The higher the price of oil, the slower the economic recovery will be, more factories will shut, and more people will be unemployed. There is absolutely no sense in the oil patch. It is all speculation. God, how I hate that word and all it implies. [Edited by: MUSTANGSRUS at 3/12/2010 7:47:24 AM EST]
the1roadhog Champion Author Atlanta Posts:7,728 Points:1,598,605 Joined:Jun 2007	Message Posted: Mar 12, 2010 7:35:35 AM Ignore the1roadhog Report Abuse Recovery is illusory with Obamanomics and his health care bill.
wegman Champion Author Twin Cities Posts:5,511 Points:1,631,535 Joined:Jun 2001	Message Posted: Mar 12, 2010 7:24:43 AM Ignore wegman Report Abuse Global demand is the lowest this century and the price of oil keeps going up. Irrational exuberance!
Hangnail309 Champion Author Manitoba Posts:3,812 Points:1,234,555 Joined:Aug 2006	Message Posted: Mar 12, 2010 7:17:47 AM Ignore Hangnail309 Report Abuse China seems to be the big winner in this race ...
rocket_ron Champion Author Grand Rapids Posts:3,939 Points:1,532,920 Joined:Jul 2006	Message Posted: Mar 12, 2010 7:15:22 AM Ignore rocket_ron Report Abuse Who is optimistic? The only person I know who is optimistic is Obama.
WonderfulMI Champion Author Michigan Posts:9,047 Points:1,324,780 Joined:Jun 2008	Message Posted: Mar 12, 2010 7:13:15 AM Ignore WonderfulMI Report Abuse Alternatives would result in lower demand for oil, and the "Oil Party" would not like that.
Don1222 Champion Author Michigan Posts:7,802 Points:1,089,855 Joined:Jul 2008	Message Posted: Mar 12, 2010 7:11:52 AM Ignore Don1222 Report Abuse Alternative fuels.
Eichhornchen Champion Author Detroit Posts:3,772 Points:747,390 Joined:Feb 2009	Message Posted: Mar 12, 2010 7:10:06 AM Ignore Eichhornchen Report Abuse jumped about five cents yesterday
adr47 Champion Author Saskatchewan Posts:4,860 Points:1,020,830 Joined:Nov 2008	Message Posted: Mar 12, 2010 7:07:37 AM Ignore adr47 Report Abuse Speculators hard at work. Greed Rules
CSharpGuy Champion Author Colorado Springs Posts:7,141 Points:1,438,235 Joined:Jan 2008	Message Posted: Mar 12, 2010 7:06:58 AM Ignore CSharpGuy Report Abuse What recovery?
BigdaddyMA Sophomore Author Massachusetts Posts:163 Points:154,070 Joined:Oct 2008	Message Posted: Mar 12, 2010 7:06:18 AM Ignore BigdaddyMA Report Abuse GREED...GREED.....GREED!!!!!
Bou Champion Author Maine Posts:9,630 Points:2,212,130 Joined:Jan 2005	Message Posted: Mar 12, 2010 7:04:54 AM Ignore Bou Report Abuse If the world consumers can't buy Chinese goods, they will also stay in recession.
ENORMS Champion Author Colorado Posts:3,014 Points:1,175,810 Joined:Sep 2006	Message Posted: Mar 12, 2010 7:03:43 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
mlhog Veteran Author Minnesota Posts:329 Points:223,685 Joined:Oct 2009	Message Posted: Mar 12, 2010 7:02:43 AM Ignore mlhog Report Abuse Just a nother reason to raise prices.
danno27 All-Star Author Miami Posts:941 Points:460,650 Joined:Jun 2006	Message Posted: Mar 12, 2010 7:02:18 AM Ignore danno27 Report Abuse Too many anal-ists involved and voicing opinions.
72_Monte Champion Author Twin Cities Posts:5,449 Points:1,535,805 Joined:Aug 2005	Message Posted: Mar 12, 2010 7:01:55 AM Ignore 72_Monte Report Abuse Optimism, shmoptimism. Cover your pucker, my little pretty.
Cheymike Champion Author Wyoming Posts:1,456 Points:214,320 Joined:Sep 2009	Message Posted: Mar 12, 2010 7:01:26 AM Ignore Cheymike Report Abuse Another LIE! For weeks we've been told that China is looking to curb back, now this bull comes up about their rapid expansion. Go ahead, feed us some more.
madison8359 Champion Author Cleveland Posts:5,758 Points:1,131,415 Joined:Apr 2008	Message Posted: Mar 12, 2010 7:00:38 AM Ignore madison8359 Report Abuse The strength of the barrel price is strictly speculation!
TerryLee Champion Author Ohio Posts:13,880 Points:2,637,870 Joined:Mar 2004	Message Posted: Mar 12, 2010 7:00:00 AM Ignore TerryLee Report Abuse No reason for it, I wish Pres. Obama would tell the truth,, Recovery,, yea right
weenerdog Champion Author Detroit Posts:7,352 Points:1,442,470 Joined:Jan 2008	Message Posted: Mar 12, 2010 6:59:39 AM Ignore weenerdog Report Abuse Optimism?
tankneverfull Champion Author Charlotte Posts:6,374 Points:1,303,315 Joined:Apr 2008	Message Posted: Mar 12, 2010 6:57:53 AM Ignore tankneverfull Report Abuse Recovery optimism, why wait for the real recovery?
FieroGT Champion Author Twin Cities Posts:11,999 Points:2,100,865 Joined:Mar 2005	Message Posted: Mar 12, 2010 6:57:42 AM Ignore FieroGT Report Abuse Our metro pump price when up another 8 cents yesterday. Now at $2.84/gal. Jeeeeeze!
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,018,660 Joined:Sep 2006	Message Posted: Mar 12, 2010 6:57:36 AM Ignore TeachR06 Report Abuse China is going to be the big winner in this race.
NJColt Champion Author New Jersey Posts:10,375 Points:2,184,335 Joined:Aug 2005	Message Posted: Mar 12, 2010 6:57:10 AM Ignore NJColt Report Abuse so let me get this straight, it gains when there is recovery optimism, it gains when it is depressed... got it... GREED!
MertieMan Champion Author Lexington Posts:12,424 Points:2,431,635 Joined:May 2005	Message Posted: Mar 12, 2010 6:56:48 AM Ignore MertieMan Report Abuse Thieves keep on stealing regardless, don't they?
almoose2558 All-Star Author New Jersey Posts:524 Points:202,295 Joined:Nov 2008	Message Posted: Mar 12, 2010 6:56:06 AM Ignore almoose2558 Report Abuse pure speculation
Grismer Champion Author Kitchener-Waterloo Posts:6,278 Points:1,275,445 Joined:Apr 2008	Message Posted: Mar 12, 2010 6:55:59 AM Ignore Grismer Report Abuse Euphoric optimism does not mean stabilized recovery by any stretch of the imagination.
abuck Champion Author Pittsburgh Posts:6,269 Points:1,080,855 Joined:Jul 2008	Message Posted: Mar 12, 2010 6:55:52 AM Ignore abuck Report Abuse so, it goes up as demand goes down, and supply goes up....gotta love it!
BoerneWatch Champion Author San Antonio Posts:12,947 Points:1,991,005 Joined:Oct 2005	Message Posted: Mar 12, 2010 6:53:00 AM Ignore BoerneWatch Report Abuse It can not hold up when consumer spending is relatively flat.
fightbigoil71 Champion Author Milwaukee Posts:5,231 Points:1,092,810 Joined:Nov 2008	Message Posted: Mar 12, 2010 6:50:27 AM Ignore fightbigoil71 Report Abuse Well, that should help the recovery! (yeah, right!)
BazooQC Champion Author Montreal Posts:7,351 Points:1,175,405 Joined:Oct 2008	Message Posted: Mar 12, 2010 6:49:01 AM Ignore BazooQC Report Abuse The economic recovery should not be a drive oil prices higher factor. But ... as we see speculators do drive prices UP!
colt453162 All-Star Author Houston Posts:625 Points:305,895 Joined:Mar 2008	Message Posted: Mar 12, 2010 6:48:33 AM Ignore colt453162 Report Abuse Increasing the price of oil is not going to help recovery.
mark1962 Champion Author Albany Posts:3,410 Points:805,840 Joined:Sep 2009	Message Posted: Mar 12, 2010 6:47:52 AM Ignore mark1962 Report Abuse Demand down, prices up. This is all wrong. I think the system is broke or being manipulated.
RichardoB Champion Author Fayetteville Posts:5,645 Points:1,540,935 Joined:Jun 2007	Message Posted: Mar 12, 2010 6:47:38 AM Ignore RichardoB Report Abuse Optimism about the economy? Someone's living in a dream world.
minnesotagirl Champion Author Milwaukee Posts:3,564 Points:780,235 Joined:Oct 2009	Message Posted: Mar 12, 2010 6:45:13 AM Ignore minnesotagirl Report Abuse Price increase is based on greed, not recovery.
jhnh Champion Author Michigan Posts:1,420 Points:1,224,365 Joined:Nov 2005	Message Posted: Mar 12, 2010 6:44:37 AM Ignore jhnh Report Abuse there is a reason for the oil price increases...............greed
nb52 Champion Author Grand Rapids Posts:5,439 Points:1,084,565 Joined:Nov 2008	Message Posted: Mar 12, 2010 6:44:32 AM Ignore nb52 Report Abuse This will have a definite negative impact on our family budget, less money to spend on other products.
cheapertvs Champion Author Richmond Posts:7,866 Points:2,278,720 Joined:Jan 2004	Message Posted: Mar 12, 2010 6:41:02 AM Ignore cheapertvs Report Abuse Wait until you see the price in April!!!
JCUBE Champion Author Michigan Posts:6,166 Points:1,458,775 Joined:Aug 2003	Message Posted: Mar 12, 2010 6:40:47 AM Ignore JCUBE Report Abuse You haven't looked at the price spike to 2.79/gal here...Those greedy bassturds at Speedway started it all over again, it's time to BOYCOTT those good for nothing crooks. Any excuse to stick it to the consumer is the crooks way of doing business. And since it helps out hte politicians war chests for next election, the Mr. high and Mighty Obama administration looks thwe other way.
ftsgt Champion Author Illinois Posts:10,740 Points:2,063,860 Joined:Dec 2004	Message Posted: Mar 12, 2010 6:38:44 AM Ignore ftsgt Report Abuse one day its optimism the next day its down to pessimism...which is it...
fordfan1 Champion Author Indiana Posts:6,751 Points:1,428,015 Joined:Jul 2007	Message Posted: Mar 12, 2010 6:36:54 AM Ignore fordfan1 Report Abuse No this second weekly gain is based upon Greed not recovery!
lindact Champion Author New Haven Posts:6,493 Points:1,271,555 Joined:May 2008	Message Posted: Mar 12, 2010 6:29:43 AM Ignore lindact Report Abuse Small fluctuations but a general increase in price, regardless of the 'reasons'.
Terrapinone Champion Author Baltimore Posts:3,128 Points:1,529,310 Joined:May 2004	Message Posted: Mar 12, 2010 6:27:41 AM Ignore Terrapinone Report Abuse Prices have been rising like the tide here.
gabbygusIN Champion Author Indiana Posts:4,901 Points:1,096,875 Joined:Oct 2008	Message Posted: Mar 12, 2010 6:27:32 AM Ignore gabbygusIN Report Abuse As long as oil prices are set on the market, the economy does not have a chance for recovery! Ban the speculators!
curlypooh Champion Author New Jersey Posts:8,358 Points:1,546,690 Joined:Apr 2007	Message Posted: Mar 12, 2010 6:27:22 AM Ignore curlypooh Report Abuse What optimism, they must be getting their info from OBOMBUS!
paoli8 Champion Author Philadelphia Posts:4,920 Points:1,381,410 Joined:Jul 2007	Message Posted: Mar 12, 2010 6:26:46 AM Ignore paoli8 Report Abuse Conserve fuel by ground Air Force One.
turbodog Champion Author Mississippi Posts:4,412 Points:900,415 Joined:Feb 2009	Message Posted: Mar 12, 2010 6:25:06 AM Ignore turbodog Report Abuse I don't see the recovery at a point yet that would indicate this rise in oil prices.
Beboper Champion Author Virginia Posts:6,382 Points:1,700,790 Joined:Oct 2005	Message Posted: Mar 12, 2010 6:24:38 AM Ignore Beboper Report Abuse prices are jumping big time around here