Oil Closes Above $100 Barrel For First Time In History
DriftingByTheStorm
Posts: 8,684
Yup.
We've broken $100 several times intra-day, but this is the first time the price has held until close of day. March crude contract, NYMEX.
Oil was moving up on basicaly purely technical analysis starting last week and was actualy expected to faulter around $95 on concerns of a massively weekening global economy (or so says CNBC and the pundits) ...
however, now, with a refinery catching fire in Texas, they are changing their cry, saying that, "Oh no, global economic strength is still robust, and a downturn in the US will not stop the rest of the worlds consumption. Oh and don't forget, Venezuela still hates the United States."
Among other rationale.
But basicaly, we could still see a reaction (hell, we probably will) here ... but it is looking like (all things staying relatively equal) oil will surge past the $100 a barrel mark and stay put for a while.
We'll see what happens going in to next week.
Oh. Gold climbed back up a whopping 25 dollars today, closing around $930 an ounce.
And the stock market once again failed to rally.
Ended up closing slightly down, despite being up amost 80 points (on the Dow) all day until 3pm.
Oh well.
So much for that recovery.
:rolleyes:
We've broken $100 several times intra-day, but this is the first time the price has held until close of day. March crude contract, NYMEX.
Oil was moving up on basicaly purely technical analysis starting last week and was actualy expected to faulter around $95 on concerns of a massively weekening global economy (or so says CNBC and the pundits) ...
however, now, with a refinery catching fire in Texas, they are changing their cry, saying that, "Oh no, global economic strength is still robust, and a downturn in the US will not stop the rest of the worlds consumption. Oh and don't forget, Venezuela still hates the United States."
Among other rationale.
But basicaly, we could still see a reaction (hell, we probably will) here ... but it is looking like (all things staying relatively equal) oil will surge past the $100 a barrel mark and stay put for a while.
We'll see what happens going in to next week.
Oh. Gold climbed back up a whopping 25 dollars today, closing around $930 an ounce.
And the stock market once again failed to rally.
Ended up closing slightly down, despite being up amost 80 points (on the Dow) all day until 3pm.
Oh well.
So much for that recovery.
:rolleyes:
If I was to smile and I held out my hand
If I opened it now would you not understand?
If I opened it now would you not understand?
Post edited by Unknown User on
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Why write articles on the prices of oil and gold when it can be found everywhere on something we call the internet?
How much snow we gonna get this weekend???
...i know all the rules but the rules do not know me, guaranteed...
Glad my portfolio includes Exxon