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Oil extends gains after OPEC lifts demand forecast

AP via Yahoo! Finance -- The price of oil rose slightly Wednesday, adding to gains a day after OPEC upgraded its forecast for global crude demand.

Benchmark oil for March delivery was up 8 cents to $97.59 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 48 cents to finish at $97.51 per barrel on the Nymex on Tuesday after OPEC raised its 2013 forecast for global oil demand to 89.7 million barrels. That's 80,000 barrels more than its previous forecast a month ago.

The Vienna-based organization comprising many of the world's key oil exporters cited "some signs of recovery in the global economy and colder weather at the start of this year."

Traders were looking to the U.S. later in the day for the release of January retail sales figures ...


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Submitted Feb 13, 2013 By: brbaritone
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Oil extends gains after OPEC lifts demand forecast Back to Topics
REPLIES (newest first) Post a Reply
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Rajah
Champion Author Illinois

Posts:8,578
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Message Posted: Feb 14, 2013 8:47:32 PM

Please get the speculator hedge funds out of this commodity market. They are raising prices without adding any value. Make it such that buying oil means taking physical delivery of it. There are no tank farms on Wall street. Oil should be sold directly to the refiners with no middle men.
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dylan126
Champion Author Cleveland

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Message Posted: Feb 14, 2013 1:36:39 PM

prices still higher
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jrs4125
Champion Author Indiana

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Message Posted: Feb 14, 2013 5:25:54 AM

Will it matter at the pump?
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scorpiogg
All-Star Author Modesto

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Message Posted: Feb 14, 2013 12:08:30 AM

crap
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rahcat
Champion Author Grand Rapids

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Message Posted: Feb 13, 2013 10:16:04 PM

Just getting so tired of this crap.
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clermont40miles
Champion Author Cincinnati

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Message Posted: Feb 13, 2013 9:59:56 PM

The legal thievery continues apace.
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billwho
Champion Author El Paso

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Message Posted: Feb 13, 2013 9:57:28 PM

"They" can watch us all they want. Sure "they" wont learn much. They should be looking in their own backyard and so should we.
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mcmonsta
Champion Author Honolulu

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Message Posted: Feb 13, 2013 9:50:17 PM

OPEC still alive and kicking our carcasses at the pump
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furiousfowl
Champion Author Riverside

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Message Posted: Feb 13, 2013 9:35:05 PM

higher and higher we go, where it stops, nobody knows
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TheSnowstorm
Champion Author Montreal

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Message Posted: Feb 13, 2013 9:34:53 PM

Forecasts can and often are wrong. But in the case of crude and other energy commodities, forecast mean squat to the speculators; they will use any excuse or factoid to run up the prices.

What do hey care, they don't have to take delivery on the buys.
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drz614
Champion Author Harrisburg

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Message Posted: Feb 13, 2013 9:33:53 PM

bad policies just getting worse. agree w/ snagged 100 percent
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mstearno
Champion Author Dayton

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Message Posted: Feb 13, 2013 9:27:53 PM

he only way to pull the plug on them is become energy producers
of all kinds
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snagged
Veteran Author Akron

Posts:446
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Message Posted: Feb 13, 2013 9:25:11 PM

Just the beginning. Soon it will be $150,$200,$250. You'll will be shocked. Why? Print, Print, Print. The Fed's only solution.
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Zeke33
Champion Author New Hampshire

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Message Posted: Feb 13, 2013 9:23:16 PM

OPEC is run by a bunch of hotheads.
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wayoung56
Champion Author Alabama

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Message Posted: Feb 13, 2013 9:22:27 PM

Just more bad news for consumers...
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tco9436
Champion Author Connecticut

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Message Posted: Feb 13, 2013 9:18:37 PM

Ok
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vibdata
Champion Author Massachusetts

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Message Posted: Feb 13, 2013 9:16:20 PM

This article was written to fuel the BIG OIL demands for higher prices. Not OPEC's. Just BIG OIL.
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D4444J
Champion Author Albuquerque

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Message Posted: Feb 13, 2013 9:15:49 PM

OPEC is crazy greedy!
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BREW9
Champion Author Tampa

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Message Posted: Feb 13, 2013 9:14:46 PM

keep drilling
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jorod55
Champion Author California

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Message Posted: Feb 13, 2013 9:13:34 PM

And for your excuse of the day...
And pump prices set to go through the roof.
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cwashi3324
Champion Author Cincinnati

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Message Posted: Feb 13, 2013 9:11:45 PM

Opec makes me sick!
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SavALot
Champion Author Virginia Beach

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Message Posted: Feb 13, 2013 9:11:26 PM

need to see something positive come out of this
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Z51Corvette
Champion Author Austin

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Message Posted: Feb 13, 2013 9:10:01 PM

Time to pull the plug on OPEC!
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us4usa
Champion Author Missouri

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Message Posted: Feb 13, 2013 9:08:52 PM

The fastest way to slow the economy is with higher gas prices...
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scubadaniel
Champion Author Dayton

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Message Posted: Feb 13, 2013 9:06:14 PM

That's why the price jumped $.35 yesterday.
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suzmar
Champion Author Texas

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Message Posted: Feb 13, 2013 9:03:59 PM

Let's see and another one of the news stories said that oil reserves stand at record highs.
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pgerassi
Champion Author Milwaukee

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Message Posted: Feb 13, 2013 9:01:49 PM

More baloney from OPEC.
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naspa
Champion Author Cleveland

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Message Posted: Feb 13, 2013 9:01:24 PM

I don't care anyway; I have to pump gas either cheap or expensive.
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EXTREMESNOW
Champion Author Medford

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Message Posted: Feb 13, 2013 9:00:08 PM

ok
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DrGasPain
All-Star Author Dallas

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Message Posted: Feb 13, 2013 8:59:46 PM

Drill, drill, drill
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blazerbob91
Champion Author Milwaukee

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Message Posted: Feb 13, 2013 8:59:04 PM

OPEDC doesn't affect prices anymoare
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sickhp
Champion Author San Antonio

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Message Posted: Feb 13, 2013 8:57:15 PM

Drill baby drill in all of America and tell OPEC to go pound sand.
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NorthglennBill
Champion Author Denver

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Message Posted: Feb 13, 2013 8:55:08 PM

Any old excuse.....
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porotito
Champion Author Houston

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Message Posted: Feb 13, 2013 8:54:17 PM

More domestic supply won't drop prices...looks like no one knows the reality of gas prices.
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smoketown
Champion Author Cincinnati

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Message Posted: Feb 13, 2013 8:53:36 PM

Time to stop exporting our oil of this country.
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checkitnow
Champion Author Atlanta

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Message Posted: Feb 13, 2013 8:50:15 PM

more domestic supply is the answer
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paulydel
Champion Author Delaware

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Message Posted: Feb 13, 2013 8:44:49 PM

We just continue to get screwed and it won't get better in the near future either.
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iamforiu
Champion Author Indiana

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Message Posted: Feb 13, 2013 8:41:12 PM

hmmmm
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Tralp
Champion Author North Carolina

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Message Posted: Feb 13, 2013 8:37:20 PM

Gas prices are BS. all oil companies should be penalized by giving us gas for nothing for there overcharging.
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Lizzylou
Champion Author Stockton

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Message Posted: Feb 13, 2013 8:33:18 PM

NOT GOOD!! Prices are at $3.99 already!
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dasimon
All-Star Author Florida

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Message Posted: Feb 13, 2013 8:32:25 PM

BS
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Chris46
Champion Author Dayton

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Message Posted: Feb 13, 2013 8:31:07 PM

More reasons for gas prices to go up
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walkingtall
Champion Author Toronto

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Message Posted: Feb 13, 2013 8:27:51 PM

Which translate into increase at the pumps.
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abcdMA
Champion Author Worcester

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Message Posted: Feb 13, 2013 8:23:20 PM

higher oil prices will mean higher gas prices which means less consumer cash which means less spending which means economic retraction which means recession
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Is246
Champion Author Albuquerque

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Message Posted: Feb 13, 2013 8:22:46 PM

Why are we letting OPEC decide demand???
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nwsynthetics
Champion Author Oregon

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Message Posted: Feb 13, 2013 8:22:30 PM

ok
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gknee09
Champion Author Philadelphia

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Message Posted: Feb 13, 2013 8:21:16 PM

which translates into an increase of what at the pump?
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76chevy
Champion Author Toledo

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Message Posted: Feb 13, 2013 8:19:56 PM

Why not kill any recovery with higher energy prices?!
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billy44bo
Champion Author Mobile

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Message Posted: Feb 13, 2013 8:18:33 PM

I am with you Tonypsu
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ericbcire
Champion Author Nevada

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Message Posted: Feb 13, 2013 8:18:26 PM

Prices must drop or the economy will worsen.
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