Oil rises near $92 as OPEC signals no output hike

[Yurt]

Oil rises near $92 as OPEC signals no output hike


SINGAPORE – Oil prices rose to near $92 a barrel Monday in Asia as some OPEC ministers signaled the group doesn't plan to boost output to cool the recent jump in crude.

Benchmark oil for February delivery rose 27 cents to $91.78 a barrel late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

On Thursday, the contract rose $1.03 to settle at $91.51, the highest level since October 2008. Global oil markets were closed Friday for the Christmas holiday.

Arab members of the Organization of Petroleum Exporting Countries said at a meeting in Cairo over the weekend that the full group would likely not meet until June to discuss production quota policy. OPEC, which accounts for about 40 percent of global crude output, left quotas unchanged at a meeting earlier this month.

Oil rises near $92 as OPEC signals no output hike - Yahoo! News


why is it when oil prices rose to this level under bush....the left was crying foul over bush's oil ties and blaming him for letting big oil make big money...and yet when it rises to this level under obama...no one blames obama, it is just reported as 'fact'....

 

[Revere]

Did OPEC control oil prices when they hit $40/bbl at the end of 2008, too?

 

[Oddball]

Doesn't matter....One of them will end up cheating if production quotas are set....Someone always does.

 

[Samson]

Doesn't matter....One of them will end up cheating if production quotas are set....Someone always does.

But, this isn't the OP's point.

This thread should be in the media forum.

The proposition from the OP is that there is a different treatment in the MM between Bush and Obama OPEC decisions.

 

[Toro]

why is it when oil prices rose to this level under bush....the left was crying foul over bush's oil ties and blaming him for letting big oil make big money...and yet when it rises to this level under obama...no one blames obama, it is just reported as 'fact'....

Because those people who blamed Bush are, for the most part, idiots.

The only valid piece of criticism was the Bush was pushing up the price of oil by purchasing for the Strategic Petroleum Reserve. But that's not why oil went from $9 to $147.

 

[Samson]

why is it when oil prices rose to this level under bush....the left was crying foul over bush's oil ties and blaming him for letting big oil make big money...and yet when it rises to this level under obama...no one blames obama, it is just reported as 'fact'....

Because those people who blamed Bush are, for the most part, idiots.

The only valid piece of criticism was the Bush was pushing up the price of oil by purchasing for the Strategic Petroleum Reserve. But that's not why oil went from $9 to $147.

IOW.....There was no justification for critcizing Bush.

I wonder how much time must past before the Blame Bush Club will remain solvent?

 

[Old Rocks]

increasing demand, diminishing supply.