New York Crude Oil Closes Above $40 for First Time in 13 Years

http://quote.bloomberg.com/apps/news?pid=10000006&sid=aUE0ZDO1XGIQ&refer=home

May 11 (Bloomberg) -- Crude oil futures in New York surged above $40 a barrel on skepticism that a Saudi Arabian call for the Organization of Petroleum Exporting Countries to boost production quotas will bolster stockpiles.

Ali al-Naimi, oil minister for Saudi Arabia, the world's largest exporter, said yesterday that OPEC should act to keep high prices from damaging the global economy. Kuwait, the United Arab Emirates and Libya backed the call. OPEC already pumps at least 1.5 million barrels a day more than its quota, the United Arab Emirates Oil Minister Obeid bin Seif al-Nasseri said.

Naimi's statement Monday ``was more of a political move than a real change in direction,'' said Carl Larry, associate director of energy futures at Barclays Capital Inc. in New York. ``They are just increasing quotas to be more in line with what they are actually producing.''

<more>

On the other hand, look on the bright side - it could have been Bush trying to "persuade" the world's oil producers to open the spigots.

his way to the bank.

Welcome to DU!! :toast: