After pulling back yesterday, oil prices once again moved a bit higher today to close out the week as supply concerns continue to weigh on the mind of traders.Earlier this week it looked as though we may be seeing $100 oil this week, but that was just not meant to be, not yet at least. On Wednesday, prices hit a high of $98.62 before trading lower in the afternoon session on a slightly bullish inventory report from the Energy Department.
Then yesterday prices pulled back after Federal Reserve Chairman Ben Bernanke said the economy is in danger of economic slowdown in the months to come. Pointing to the current housing slump, Bernanke said that we can expect to see business growth slow considerably in the upcoming months, but would not indicate whether or not we should plan on seeing a rate cut during the next Fed meeting.
Today, prices rebounded on news that there were two shutdowns in the North Sea that once again stoked fears of a supply crunch. Prices rose as high as $96.68 before selling off a bit to $96.20, up $0.74 or 0.76% on the day.
Michael Fowlkes has worked as a stock trader for seven years and spent the last two years working as an analyst for the online investment advisory service Investor's Observer.
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Reader Comments (Page 1 of 1)
11-09-2007 @ 6:04PM
Jane Goodie said...
The oil companies’ fortunes are beginning to slide. The NewsVisual article on ExxonMobil http://www.newsvisual.com/newsvisual/2007/11/exxonmobil.html illustrates the experience of the company’s entire leadership, but they still manage to loose money, notwithstanding the price of oil.
11-09-2007 @ 7:55PM
CRAIG said...
YOU WON'T HAVE TO WORRY ABOUT THE PRICE OIL IF YOUR MAKING A LOT OF MONEY SO GO TO WWW.EARNYOURREALWORTH.BIZ AND GET STARTED WITH THIS SIMPLE AUTOMATED SYSTEM
11-10-2007 @ 12:40AM
la-delaney said...
We are like the proverbial frog in the pot of
water on the burner. Slowly turn up the heat
and it doesn't know it's being cooked until it's
too late. We're being cooked and don't realize it!
We need to protest the price of gas and diesel.
These are destroying our economy!
11-10-2007 @ 3:06AM
Joseph Leslie said...
When I was in college taking my first economics courses, the Professor stated "When one good becomes expensive it encourages the entry into the market of other substitutable goods that cost less"! Our former President Ronald Reagan and his MINION David Stockman foisted the economics of scarcity ( make as much as you can on each unit and forget about any long term stability). The Economics of Scarcity teaches, produce as small an amount of a product and make supply and demand reach equilibrium by raising the price until there just as many buyers left and there are units for sale! "The lazy man's guide to riches, but no repeat business"!
11-10-2007 @ 9:56AM
monty said...
The price of oil is so out of wack .If somebody trips the price of oil goes up.A lot of middle class people like myself cannot buget for the cost of oil in todays changing market.Last fall the price of home heat fuel was $1.99 gal.Now it's$3.00gal.How to I keep my family warm this winter.Familys on fixed incomes cannot put this kind of money aside for oil.What do we do.
11-10-2007 @ 9:58AM
michael schneider said...
One commentator last week noted that if oil did not hit $100 by week's end there would be a huge buying stampede early this week because of options expiration Tuesday (see Oil Alerts at http://www.Barrelomoney.com - light blue label, left side). -- it will be interesting to see is he is correct. There is so much fear about a recession that it is a surprise that oil has stayed strong. The chaos in Pakistan is a new element in the equation now and it adds to the premium in oil.