Oil nears $42, closes at 7-week high ($43-$44.75 by mid-week?)

[RamboLiberal]

http://www.marketwatch.com/news/print_story.asp?print=1&guid={CAAEE58B-0A3A-48EF-8EBA-24F79449E42A}&siteid=myyahoo

Oil futures climbed near $42 a barrel Monday to close at their highest level in seven weeks, lifted by expectations of limited OPEC output capacity and continued violence in Iraq.

Prices ended less than 70 cents short of $42.33 a barrel, the loftiest level ever recorded on the New York Mercantile Exchange.

"There are just too many factors that are pointing to much higher prices right now, and there is little to encourage traders on the short side of the market that their positions are going to get much relief," said Kevin Kerr, a senior trader at Kwest International.

Crude prices will probably "continue to creep higher, and as it approaches record levels this week, we may see significant short covering," he said.

Still, "it's very likely that by the middle of the week, if the supply data is bullish, that crude could be trading in the $43 to $44.75 range," he said.

[The_Casual_Observer]

1. "I'll tell 'um to open the spigots!"

Well?? Perhaps it is easier said than done. Meanwhile, this isn't going to help the economic "recovery".

It's up to you mr chimp, afterall you were "ready to lead".

[lapfog_1]

2. Yeah, that's it

It's not peak oil at all, just traders covering short positions
and likely losing their asses! - NOT!

Can't open the spigots because they are, for the most part,
fully open now.

[Doosh]

3. of course this is all John Kerry's fault

or the Clenis

lol, look at the "kerry gas tax" calculator on shrubs website, talk about passing the buck.

[Wacahootaman]

4. Yeah Kerry must have messed up that deal

Bush had with the Saudis to drive down gas prices just before the election