Oil Surges To $99 As OPEC Stirs Supply Concerns

[Purveyor]

Source: Guardian UK

NEW YORK, Feb 19 (Reuters) - Oil prices jumped more than 3 percent on Tuesday to a one-month high of $99 a barrel as expectations that OPEC will keep production tight spurred supply concerns.

U.S. crude surged $3.47 to $98.97 a barrel by 1812 GMT, after touching $99.08 earlier -- near the record high of $100.09 struck on Jan. 3. London Brent crude rose $2.79 to $97.70 a barrel.

"Right now, prices are up on refinery issues, perception that OPEC won't raise output at their next meeting, and the cold weather," said Phil Flynn, an analyst for Alaron Trading.

"The thinking seems to be that, if the March contract doesn't hit the record $100 here, it might be perceived as a failure and we might see selling after that."

Worries about the economic health of the United States, the world's top oil consumer, pushed oil off its record peak, but signs that the Organization of Petroleum Exporting Countries will hold output steady, or even trim production, when it meets on March 5 have sent prices back toward triple digits.


Read more: http://www.guardian.co.uk/feedarticle?id=7321415

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CNBC currently shows the price at $99.42

[RUMMYisFROSTED]

1. Thanks, Chimp!

[Newsjock]

2. $100 now

NEW YORK (AP) — Crude oil prices have passed $100 a barrel for
the first time since Jan. 3.

[ReformedChris]

3. The President of Iran can scratch his beard the wrong way and the price of oil will spike..

Its amazing how every little event or rumor can cause the price to rise to insane levels. I can't wait for the day when I can read the headline "Hydrogen Power Car hitting the US Market today, Oil prices down 60%!". I hope all the oil traders and the crooks in the oil businesses get what karma has coming to them.

[Virginia Dare]

4. That along with the refinery fire yesterday..

get ready to pay more at the pump again in the next week or two.

[Supersedeas]

5. and the price of milk and food in the US will follow suit

[Purveyor]

7. Indeed. Also local gasoline went up from $2.86 a week ago to $3.19 today. eom

[Delphinus]

6. Holy crap!

I wondered what had happened. On the way home yesterday (NE Indiana), the price was $2.87. This morning, I did a double-take as I was driving by - it had jumped thirty cents to $3.17.

I tell you - it's getting tougher and tougher to make ends meet and I don't even drive that much, probably less than 50 miles per week. Food prices are up, natural gas prices are up, my freaking health insurance premium is up - but my wages haven't budged.

[BumRushDaShow]

8. Gasoline

never got below $3.05 in my area. Lord help us all when I go by the station tomorrow. Boy I would have loved to have seen some $2.86s here in Philly. :cry:

[Supersedeas]

9. nothing to see here -- Tweety and the cable pundrity have shots to take at Ms Obama