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Thread: Oil prices

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    Default Oil prices

    Oil prices did not record until now any mentioned movement in todays session, while market participants are trying to digest the latest energy report from the U.S. before taking any decisions regarding the next move. Prices settled around the 76.80$ pb, recording a high of 76.97$ pb and a low of 76.75$ pb, after it opened todays trading session at 76.89$ pb.

    OPEC did not comment on what happened to oil prices on Wednesday when a new historical high record was recorded at 78.77$ pb, and at the same time it did not respond to the IEA (International Energy Agency) and the U.S. oil Minister demand to increase production starting from September this year, as the level 80$ pb might leave considerable damage to the American economy. Meanwhile OPEC is maintaining its position regarding world oil production, considering it sufficient and there is no need for further increase at the moment; however what market witnessed was drove mainly by the problems the U.S. oil refineries faced, the moves made by speculators and the geopolitical tensions that accrued since May.

    Oil prices witnessed a considerable movement yesterday, among profit taking transactions and speculators movements, therefore after a calm start in yesterday session, crude prices fell as low as 75.52$ pb, then rebounded gradually to the highest of 77.44$ pb, to settle afterwards at 76.80$ pb, ending Thursdays trading at 76.86$ pb, recording a total incline by the end of the session of 0.33$ pb.

    Markets are still trying to digest the EIA weekly petroleum report, released on Wednesday, indicating a drop in crude stockpiles by 6.5 million barrels, however its still above the upper end of the average range for this time of the year, reaching this summer to the highest level in nine years. Meanwhile gasoline inventories rose by 0.6 million barrels although less than the expected rise by 1.1 million barrels, so it remains below the lower end of the average range for this time of the year; as for distillates which include heating oil rose by 2.8 million barrels.

    The rise by 1.9% in the U.S. refineries capacity utilization, reaching to a total 93.6% production capacity, spread some optimism into the markets, which might drive investors to believe that gasoline production will get back on track this summer, which has only one month left, then a period of calmness will come until winter starts, when demand will be boosted once again in the largest energy consumer in the world.

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    Default

    look at this, this man has enough influence to change the course of the oil price.

    --------------------------------------------------
    Chavez: Oil Prices Will Reach $100 A Barrel []

    8/3/2007 4:07:18 PM Venezuelan President Hugo Chavez has claimed on Friday that oil prices will soar even higher than its current all-time high and will reach $100 a barrel. Addressing a press conference, the Venezuelan President said that nobody can stop flying oil prices because it is something scientific in nature. Chavez hinted at the increase of oil prices in recent weeks. Goldman Sachs, one of the world's largest global investment banks, had confirmed Chavez's claim last month when they predicted that oil rates could surpass $95 a barrel by the end of 2007.

    The reduction of U.S. energy supplies, production disruptions in Nigeria, and OPEC's denial to increase its oil output are considered as the main reasons influencing the steep rise in oil prices.

    The OPEC, which is determined to safeguard the interests of its members, has yet to decide whether to increase its production to stabilize the market or not.
    --------------------------------------------------

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    Default

    So what happens to the euro when oil will reach $100 a barrel.

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    The dollar is returning strong and the oil prices will return to previous range in 2 years max after the american presidential election

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