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Purveyor

(29,876 posts) Thu Jul 19, 2012, 11:37 AM Jul 2012

0

Crude Jumps Above $90/Bbl on Mideast Tensions

By John M. Biers

Crude oil futures Thursday extended their rally of recent days, jumping above the $90 a barrel point on increased tensions in the Middle East.

Nymex front-month futures were trading at $91.48 a barrel, up $1.61. Brent futures were trading at $106.83 a barrel, up $1.67. Both commodities are trading at seven-week highs.

The rally - which marks the seventh straight day in which oil prices have risen - follows an eventful day in the critical Middle East region.

On Wednesday, Israel accused Iran of orchestrating a bombing attack at a resort in Bulgaria frequented by Israelis that killed at least six people and injured 30 others. Israeli Prime Minister Benjamin Netanyahu said Israel would "respond with force."

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http://online.wsj.com/article/BT-CO-20120719-710700.html

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Crude Jumps Above $90/Bbl on Mideast Tensions (Original Post) Purveyor Jul 2012 OP

Until speculators are forced to take delivery on their buys, russspeakeasy Jul 2012 #1

Gas is already up by 10-15 cents per gallon in my area. bullwinkle428 Jul 2012 #2

russspeakeasy

(6,539 posts)

1. Until speculators are forced to take delivery on their buys,

Reply to Purveyor (Original post)

Thu Jul 19, 2012, 11:41 AM

Jul 2012

they, not supply and demand, control the price.

bullwinkle428

(20,629 posts)

2. Gas is already up by 10-15 cents per gallon in my area.

Reply to Purveyor (Original post)

Thu Jul 19, 2012, 11:42 AM

Jul 2012

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