Oil rises towards $120 on Russia-U.S. tension

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Friday, November 21, 2008 12:05:13 PM

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GasBuddy News Article

Oil rises towards $120 on Russia-U.S. tension Thursday, August 21, 2008
msn money -- LONDON (Reuters) - Oil rose by more than $4 a barrel to nearly $120 on Thursday, climbing for a third day, as Washington's missile shield deal with Poland angered Russia, adding to international tension. The spat adds to political factors that have supported oil prices in recent months, such as the dispute over Iran's nuclear work. A weaker dollar also boosted the appeal of commodities as an inflation hedge. "There's a myriad of geopolitical factors rumbling in the background -- Russia, Iran," said Tony Machacek, broker at Bache Commodities Ltd. "Also, the dollar is weaker."
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	Thursday, August 21, 2008 msn money -- LONDON (Reuters) - Oil rose by more than $4 a barrel to nearly $120 on Thursday, climbing for a third day, as Washington's missile shield deal with Poland angered Russia, adding to international tension. The spat adds to political factors that have supported oil prices in recent months, such as the dispute over Iran's nuclear work. A weaker dollar also boosted the appeal of commodities as an inflation hedge. "There's a myriad of geopolitical factors rumbling in the background -- Russia, Iran," said Tony Machacek, broker at Bache Commodities Ltd. "Also, the dollar is weaker." Visit msn money for full article

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jim92065 Veteran Author San Diego Posts:360 Points:56,560 Joined:Jul 2008	Message Posted: 8/24/2008 1:36:09 AM	Ignore jim92065 Report Abuse
	I need oil prices to stay high, so I can get a good deal on the gas-guzzling pickup I want to buy.
niceguytx Champion Author Houston Posts:5,701 Points:1,105,795 Joined:Sep 2005	Message Posted: 8/23/2008 12:13:27 PM	Ignore niceguytx Report Abuse
	We need energy independence and better anti-trust leadership.
no1doc All-Star Author Milwaukee Posts:931 Points:166,925 Joined:Oct 2007	Message Posted: 8/22/2008 11:58:05 AM	Ignore no1doc Report Abuse
	That was yesterday. Today crude is down $3. Don't mortgage the house to buy a prius yet. [Edited by: no1doc at 8/22/2008 11:58:32 AM EST]
USAFA82 Champion Author Colorado Springs Posts:1,526 Points:260,520 Joined:Feb 2008	Message Posted: 8/22/2008 11:17:38 AM	Ignore USAFA82 Report Abuse
	Iran is selling natural gas conversion kits for automobiles in their country, why can't we? I think the Pickens plan has merit. We need to both drill and find alternative sources of energy. We have an overabundance of natural gas. If we could fuel the majority of our vehicles with natural gas instead of petroleum, we'd end our dependence on foreign oil and the Sheik's would go bankrupt.
AlaRedNeck Champion Author Kansas Posts:1,177 Points:210,875 Joined:Apr 2008	Message Posted: 8/22/2008 11:15:40 AM	Ignore AlaRedNeck Report Abuse
	Drilling here, now, anytime, isn't going to do us any good gasman50. It sells on the international market and that sets prices. Add to that the fact that it will be years before any of the wells produce, we are stuck. [Edited by: AlaRedNeck at 8/22/2008 11:15:56 AM EST]
NavyEOD Champion Author Los Angeles Posts:1,961 Points:431,390 Joined:Jul 2007	Message Posted: 8/22/2008 11:13:46 AM	Ignore NavyEOD Report Abuse
	More speculation.
flatcoatfun All-Star Author Orlando Posts:651 Points:196,450 Joined:Nov 2007	Message Posted: 8/22/2008 11:12:23 AM	Ignore flatcoatfun Report Abuse
	They always try to worry about something to drive up the price!!
niceguytx Champion Author Houston Posts:5,701 Points:1,105,795 Joined:Sep 2005	Message Posted: 8/22/2008 11:11:28 AM	Ignore niceguytx Report Abuse
	We need energy independence.
gasman50 Champion Author Portland Posts:1,315 Points:820,515 Joined:Nov 2005	Message Posted: 8/22/2008 11:11:11 AM	Ignore gasman50 Report Abuse
	Drill, drill here, drill now
LaCajunDJ Veteran Author Louisiana Posts:389 Points:90,155 Joined:Jul 2008	Message Posted: 8/22/2008 11:11:00 AM	Ignore LaCajunDJ Report Abuse
	Here we go again...rising prices!
Kthyme Champion Author Fort Worth Posts:2,671 Points:876,390 Joined:Apr 2006	Message Posted: 8/22/2008 11:06:18 AM	Ignore Kthyme Report Abuse
	Picken has enough money...now he's going both ways...I call it GREED. I just know that I don't want a windmill in my front yard...I live in America...not in Europe...Drill Here...Drill Now!!! ;)
metronj Veteran Author New Jersey Posts:282 Points:121,820 Joined:Jun 2008	Message Posted: 8/22/2008 11:03:39 AM	Ignore metronj Report Abuse
	same excuses ! support picken's plan @ http://www.pickensplan.com/
DarthDadJr Veteran Author Virginia Posts:457 Points:95,310 Joined:Jul 2008	Message Posted: 8/22/2008 10:58:04 AM	Ignore DarthDadJr Report Abuse
	Another excuse for the speculators to "play" with the price of oil.
CheapoBob Champion Author Alabama Posts:1,380 Points:953,285 Joined:Apr 2005	Message Posted: 8/22/2008 10:52:33 AM	Ignore CheapoBob Report Abuse
	going wrong way
ramshot412 Champion Author Riverside Posts:11,954 Points:1,196,935 Joined:Apr 2004	Message Posted: 8/22/2008 10:50:50 AM	Ignore ramshot412 Report Abuse
	Good one, Fatrandy. LOL
slarttybartfast All-Star Author Hamilton Posts:660 Points:148,965 Joined:Jan 2007	Message Posted: 8/22/2008 10:49:26 AM	Ignore slarttybartfast Report Abuse
	still I say.... look to alternate energy instead of spending money looking for oil that is finite.
FPLREP All-Star Author Virginia Posts:857 Points:882,690 Joined:Oct 2005	Message Posted: 8/22/2008 10:49:01 AM	Ignore FPLREP Report Abuse
	Down to $117 this morning.
alsal55 Veteran Author Twin Cities Posts:262 Points:332,210 Joined:May 2007	Message Posted: 8/22/2008 10:46:17 AM	Ignore alsal55 Report Abuse
	Here comes the parade of excuses. Gee, I noticed my balance in my bank account is lower. Maybe that's a reason to raise the price of oil.
bobmcl2006 Champion Author Pittsburgh Posts:5,285 Points:751,925 Joined:Oct 2006	Message Posted: 8/22/2008 10:45:46 AM	Ignore bobmcl2006 Report Abuse
	How much do we get from Russia???
oncotime Champion Author Milwaukee Posts:9,295 Points:1,655,770 Joined:May 2003	Message Posted: 8/22/2008 10:42:39 AM	Ignore oncotime Report Abuse
	more excuses
Gerund1 Champion Author Toronto Posts:1,147 Points:828,105 Joined:Apr 2003	Message Posted: 8/22/2008 10:39:22 AM	Ignore Gerund1 Report Abuse
	Happy to note that oil is down over $2 this morning.
spartangas Sophomore Author Lansing Posts:146 Points:62,950 Joined:Dec 2006	Message Posted: 8/22/2008 10:39:22 AM	Ignore spartangas Report Abuse
	Just the latest excuse
copperhead8 Champion Author Boston Posts:5,493 Points:1,207,120 Joined:Dec 2004	Message Posted: 8/22/2008 10:37:33 AM	Ignore copperhead8 Report Abuse
	No reason for this to raise oil and gas prices.
throttle Champion Author Maryland Posts:4,588 Points:1,022,050 Joined:Jul 2004	Message Posted: 8/22/2008 10:35:37 AM	Ignore throttle Report Abuse
	The price of freedom
Dennis783 Champion Author Wisconsin Posts:5,608 Points:1,123,920 Joined:Sep 2005	Message Posted: 8/22/2008 10:35:05 AM	Ignore Dennis783 Report Abuse
	there is no reason for that to raise oil prices
esquared Champion Author Oklahoma City Posts:1,412 Points:631,925 Joined:Jan 2006	Message Posted: 8/22/2008 10:33:25 AM	Ignore esquared Report Abuse
	Gasoline prices followed suit this morning!
StevieB All-Star Author New Jersey Posts:665 Points:872,290 Joined:Sep 2005	Message Posted: 8/22/2008 10:31:43 AM	Ignore StevieB Report Abuse
	WoW
napermike79 All-Star Author Twin Cities Posts:607 Points:391,065 Joined:May 2001	Message Posted: 8/22/2008 10:30:05 AM	Ignore napermike79 Report Abuse
	Hold on to your wallet - here we go!
Gassie1 Champion Author Akron Posts:4,402 Points:565,835 Joined:Apr 2007	Message Posted: 8/22/2008 10:29:28 AM	Ignore Gassie1 Report Abuse
	Always something going on to cause concern
Don20 Champion Author Oklahoma City Posts:1,530 Points:1,014,745 Joined:Mar 2005	Message Posted: 8/22/2008 10:27:47 AM	Ignore Don20 Report Abuse
	Where do they come up with $120 a brl. It went up .70 cents yesterday to $113.38 spot price.
eaglev All-Star Author Oklahoma City Posts:978 Points:332,145 Joined:Jul 2005	Message Posted: 8/22/2008 10:26:18 AM	Ignore eaglev Report Abuse
	Any excuse to increase the price.
Pseudorious Veteran Author Philadelphia Posts:474 Points:220,575 Joined:Sep 2005	Message Posted: 8/22/2008 10:24:51 AM	Ignore Pseudorious Report Abuse
	Idiotic.
Chazzer Champion Author Nevada Posts:8,091 Points:1,731,635 Joined:May 2002	Message Posted: 8/22/2008 10:21:55 AM	Ignore Chazzer Report Abuse
	Because we are stretched so thin, military wise, we can't do anything except talk. And NATO, well forget it!
bluebird1 Champion Author Toronto Posts:7,352 Points:1,498,625 Joined:May 2004	Message Posted: 8/22/2008 10:21:37 AM	Ignore bluebird1 Report Abuse
	Only surprise here is why it took so long for the reaction.
tobasco Champion Author Los Angeles Posts:3,117 Points:834,195 Joined:Mar 2004	Message Posted: 8/22/2008 10:19:46 AM	Ignore tobasco Report Abuse
	Just excuses. The price will go up when the chinese stop watching the olympics and get back to work.
evasilion All-Star Author Virginia Beach Posts:701 Points:132,320 Joined:Mar 2008	Message Posted: 8/22/2008 10:17:27 AM	Ignore evasilion Report Abuse
	More weapons!
thebutnut Champion Author New Jersey Posts:1,747 Points:365,985 Joined:Jan 2007	Message Posted: 8/22/2008 10:17:11 AM	Ignore thebutnut Report Abuse
	Mother Russia must go down Ya
The_WB Champion Author Detroit Posts:4,526 Points:479,950 Joined:Apr 2007	Message Posted: 8/22/2008 10:16:53 AM	Ignore The_WB Report Abuse
	This is not a surprise either.
maindrag All-Star Author Ontario Posts:796 Points:34,715 Joined:Dec 2005	Message Posted: 8/22/2008 10:16:35 AM	Ignore maindrag Report Abuse
	i wish a peaceful solution to the russion problem, but it shouldn't make the gas go up. How come no makes them prove the % they are making and they don't need to raise the prices. they're making lots regardless, for sure. sad
emdixon07 Rookie Author Texas Posts:14 Points:9,305 Joined:Jun 2008	Message Posted: 8/22/2008 10:13:26 AM	Ignore emdixon07 Report Abuse
	lol to comment on AL and Georgia, :)
FATRandy Rookie Author Fort Worth Posts:86 Points:172,905 Joined:Jun 2003	Message Posted: 8/22/2008 10:11:34 AM	Ignore FATRandy Report Abuse
	You know there's a bunch of rednecks in Alabama scared that Russia will bomb them after its done with "Georgia".
lucky69 All-Star Author Austin Posts:606 Points:162,910 Joined:May 2008	Message Posted: 8/22/2008 10:09:21 AM	Ignore lucky69 Report Abuse
	We got happy with prices falling and being a little more managable, now where going to see the rise a lot, fast.
ScottE Champion Author Los Angeles Posts:2,816 Points:882,550 Joined:May 2002	Message Posted: 8/22/2008 10:08:44 AM	Ignore ScottE Report Abuse
	& IF MY AUNT HAD A SET OF BAL...HOW STINKIN RIDICULOUS AN EXCUSE. HOW MUCH OIL DOES THE WORLD GET FROM UNSTABLE RUSSIA ANYWAY. WHAT THEY DID IN GEORGIA AS WE SHOULD HAVE BEEN IN TRUCE MODE THROUGHOUT THE WHOLE OF THE OLYMPICS DESERVES ALL THE SANCTIONS THE WORLD CAN METE OUT.
cameronboi Rookie Author Austin Posts:26 Points:56,190 Joined:Apr 2008	Message Posted: 8/22/2008 10:00:56 AM	Ignore cameronboi Report Abuse
	you know, war is the biggest money maker for.... pretty much everyone, so, like they say, if you don;t know what to do, make war adn it'll boost the economy.... only temporarily though.....
crbTX Sophomore Author Houston Posts:176 Points:41,000 Joined:Mar 2008	Message Posted: 8/22/2008 10:00:44 AM	Ignore crbTX Report Abuse
	Up and down up and down
papou Champion Author Tampa Posts:3,487 Points:493,245 Joined:Jul 2005	Message Posted: 8/22/2008 9:59:59 AM	Ignore papou Report Abuse
	Our friends the Russians BS.
tomok Champion Author Portland Posts:9,640 Points:719,335 Joined:Aug 2006	Message Posted: 8/22/2008 9:59:05 AM	Ignore tomok Report Abuse
	Russia still flexing their muscles and crude oil is reacting to it. Eventually, the price of gasoline will go up - just how much is the question. As long as it stays at a reasonable price - that will be good thing..... But here gasoline prices continue to go down...
mattf373 All-Star Author Atlanta Posts:566 Points:107,720 Joined:Mar 2003	Message Posted: 8/22/2008 9:58:02 AM	Ignore mattf373 Report Abuse
	bless you!
hugrad2005 Sophomore Author Kansas Posts:128 Points:57,300 Joined:Jun 2008	Message Posted: 8/22/2008 9:57:56 AM	Ignore hugrad2005 Report Abuse
	I don't think we'll see it go down much in the future. I won't hold my breath to see it under $100.
AC-302 Champion Author Los Angeles Posts:8,373 Points:1,317,355 Joined:Aug 2004	Message Posted: 8/22/2008 9:55:10 AM	Ignore AC-302 Report Abuse
	Tension, maybe. But what of it? It's all rhetoric. Do I REALLY think we'd go to war with Russia over Georgia? Heck no.