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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

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Rajah Champion Author Illinois Posts:7,642 Points:2,328,480 Joined:Jul 2005	Message Posted: Feb 14, 2013 8:47:32 PM Ignore Rajah Report Abuse 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.
dylan126 Champion Author Cleveland Posts:4,568 Points:620,345 Joined:Sep 2011	Message Posted: Feb 14, 2013 1:36:39 PM Ignore dylan126 Report Abuse prices still higher
jrs4125 Champion Author Indiana Posts:2,893 Points:618,470 Joined:Sep 2011	Message Posted: Feb 14, 2013 5:25:54 AM Ignore jrs4125 Report Abuse Will it matter at the pump?
scorpiogg Veteran Author Modesto Posts:253 Points:173,025 Joined:Nov 2012	Message Posted: Feb 14, 2013 12:08:30 AM Ignore scorpiogg Report Abuse crap
rahcat Champion Author Grand Rapids Posts:2,676 Points:689,675 Joined:Jan 2010	Message Posted: Feb 13, 2013 10:16:04 PM Ignore rahcat Report Abuse Just getting so tired of this crap.
clermont40miles Champion Author Cincinnati Posts:10,747 Points:1,798,620 Joined:Apr 2008	Message Posted: Feb 13, 2013 9:59:56 PM Ignore clermont40miles Report Abuse The legal thievery continues apace.
billwho All-Star Author El Paso Posts:642 Points:277,430 Joined:Jan 2010	Message Posted: Feb 13, 2013 9:57:28 PM Ignore billwho Report Abuse "They" can watch us all they want. Sure "they" wont learn much. They should be looking in their own backyard and so should we.
mcmonsta Champion Author Honolulu Posts:3,342 Points:844,495 Joined:Sep 2009	Message Posted: Feb 13, 2013 9:50:17 PM Ignore mcmonsta Report Abuse OPEC still alive and kicking our carcasses at the pump
furiousfowl Champion Author Riverside Posts:16,970 Points:2,769,760 Joined:May 2005	Message Posted: Feb 13, 2013 9:35:05 PM Ignore furiousfowl Report Abuse higher and higher we go, where it stops, nobody knows
TheSnowstorm Champion Author Montreal Posts:8,719 Points:1,938,180 Joined:June 2005	Message Posted: Feb 13, 2013 9:34:53 PM Ignore TheSnowstorm Report Abuse 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.
drz614 Champion Author Harrisburg Posts:2,436 Points:625,235 Joined:Aug 2011	Message Posted: Feb 13, 2013 9:33:53 PM Ignore drz614 Report Abuse bad policies just getting worse. agree w/ snagged 100 percent
mstearno Champion Author Dayton Posts:8,174 Points:1,755,920 Joined:Jan 2008	Message Posted: Feb 13, 2013 9:27:53 PM Ignore mstearno Report Abuse he only way to pull the plug on them is become energy producers of all kinds
snagged Veteran Author Akron Posts:416 Points:120,530 Joined:Oct 2012	Message Posted: Feb 13, 2013 9:25:11 PM Ignore snagged Report Abuse Just the beginning. Soon it will be $150,$200,$250. You'll will be shocked. Why? Print, Print, Print. The Fed's only solution.
Zeke33 Champion Author New Hampshire Posts:5,654 Points:1,634,195 Joined:Sep 2005	Message Posted: Feb 13, 2013 9:23:16 PM Ignore Zeke33 Report Abuse OPEC is run by a bunch of hotheads.
wayoung56 Champion Author Alabama Posts:2,915 Points:844,035 Joined:Oct 2006	Message Posted: Feb 13, 2013 9:22:27 PM Ignore wayoung56 Report Abuse Just more bad news for consumers...
tco9436 Champion Author Connecticut Posts:1,807 Points:743,650 Joined:Mar 2010	Message Posted: Feb 13, 2013 9:18:37 PM Ignore tco9436 Report Abuse Ok
vibdata Champion Author Massachusetts Posts:4,181 Points:866,235 Joined:Nov 2005	Message Posted: Feb 13, 2013 9:16:20 PM Ignore vibdata Report Abuse This article was written to fuel the BIG OIL demands for higher prices. Not OPEC's. Just BIG OIL.
D4444J Champion Author Albuquerque Posts:1,978 Points:615,585 Joined:Aug 2011	Message Posted: Feb 13, 2013 9:15:49 PM Ignore D4444J Report Abuse OPEC is crazy greedy!
BREW9 Champion Author Tampa Posts:1,015 Points:2,938,685 Joined:Jun 2004	Message Posted: Feb 13, 2013 9:14:46 PM Ignore BREW9 Report Abuse keep drilling
jorod55 Champion Author California Posts:1,607 Points:458,225 Joined:Dec 2011	Message Posted: Feb 13, 2013 9:13:34 PM Ignore jorod55 Report Abuse And for your excuse of the day... And pump prices set to go through the roof.
cwashi3324 Champion Author Cincinnati Posts:2,854 Points:585,840 Joined:May 2009	Message Posted: Feb 13, 2013 9:11:45 PM Ignore cwashi3324 Report Abuse Opec makes me sick!
SavALot Champion Author Virginia Beach Posts:8,613 Points:1,737,585 Joined:Apr 2005	Message Posted: Feb 13, 2013 9:11:26 PM Ignore SavALot Report Abuse need to see something positive come out of this
Z51Corvette Champion Author Austin Posts:8,602 Points:1,696,335 Joined:Jan 2008	Message Posted: Feb 13, 2013 9:10:01 PM Ignore Z51Corvette Report Abuse Time to pull the plug on OPEC!
us4usa Champion Author Missouri Posts:6,118 Points:1,136,670 Joined:May 2008	Message Posted: Feb 13, 2013 9:08:52 PM Ignore us4usa Report Abuse The fastest way to slow the economy is with higher gas prices...
scubadaniel Champion Author Dayton Posts:1,546 Points:718,325 Joined:Jan 2011	Message Posted: Feb 13, 2013 9:06:14 PM Ignore scubadaniel Report Abuse That's why the price jumped $.35 yesterday.
suzmar Champion Author Texas Posts:2,223 Points:896,060 Joined:Jun 2006	Message Posted: Feb 13, 2013 9:03:59 PM Ignore suzmar Report Abuse Let's see and another one of the news stories said that oil reserves stand at record highs.
pgerassi Champion Author Milwaukee Posts:11,031 Points:2,158,270 Joined:Apr 2007	Message Posted: Feb 13, 2013 9:01:49 PM Ignore pgerassi Report Abuse More baloney from OPEC.
naspa Champion Author Cleveland Posts:1,412 Points:378,875 Joined:Jan 2012	Message Posted: Feb 13, 2013 9:01:24 PM Ignore naspa Report Abuse I don't care anyway; I have to pump gas either cheap or expensive.
EXTREMESNOW Champion Author Medford Posts:8,930 Points:1,825,740 Joined:Jul 2006	Message Posted: Feb 13, 2013 9:00:08 PM Ignore EXTREMESNOW Report Abuse ok
DrGasPain Veteran Author Dallas Posts:362 Points:477,800 Joined:Mar 2011	Message Posted: Feb 13, 2013 8:59:46 PM Ignore DrGasPain Report Abuse Drill, drill, drill
blazerbob91 Champion Author Milwaukee Posts:6,279 Points:1,910,020 Joined:Aug 2005	Message Posted: Feb 13, 2013 8:59:04 PM Ignore blazerbob91 Report Abuse OPEDC doesn't affect prices anymoare
sickhp Champion Author San Antonio Posts:1,480 Points:542,350 Joined:Sep 2011	Message Posted: Feb 13, 2013 8:57:15 PM Ignore sickhp Report Abuse Drill baby drill in all of America and tell OPEC to go pound sand.
NorthglennBill Champion Author Denver Posts:7,557 Points:1,497,920 Joined:Oct 2008	Message Posted: Feb 13, 2013 8:55:08 PM Ignore NorthglennBill Report Abuse Any old excuse.....
porotito Champion Author Houston Posts:2,234 Points:603,640 Joined:Dec 2010	Message Posted: Feb 13, 2013 8:54:17 PM Ignore porotito Report Abuse More domestic supply won't drop prices...looks like no one knows the reality of gas prices.
smoketown Champion Author Cincinnati Posts:6,368 Points:1,408,600 Joined:Feb 2008	Message Posted: Feb 13, 2013 8:53:36 PM Ignore smoketown Report Abuse Time to stop exporting our oil of this country.
checkitnow Champion Author Atlanta Posts:2,131 Points:594,975 Joined:Aug 2010	Message Posted: Feb 13, 2013 8:50:15 PM Ignore checkitnow Report Abuse more domestic supply is the answer
paulydel Champion Author Delaware Posts:8,892 Points:858,030 Joined:Jan 2008	Message Posted: Feb 13, 2013 8:44:49 PM Ignore paulydel Report Abuse We just continue to get screwed and it won't get better in the near future either.
iamforiu Champion Author Indiana Posts:3,705 Points:737,390 Joined:May 2011	Message Posted: Feb 13, 2013 8:41:12 PM Ignore iamforiu Report Abuse hmmmm
Tralp All-Star Author North Carolina Posts:943 Points:217,420 Joined:Oct 2012	Message Posted: Feb 13, 2013 8:37:20 PM Ignore Tralp Report Abuse Gas prices are BS. all oil companies should be penalized by giving us gas for nothing for there overcharging.
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Feb 13, 2013 8:33:18 PM Ignore Lizzylou Report Abuse NOT GOOD!! Prices are at $3.99 already!
dasimon All-Star Author Florida Posts:556 Points:573,050 Joined:Mar 2011	Message Posted: Feb 13, 2013 8:32:25 PM Ignore dasimon Report Abuse BS
Chris46 Champion Author Dayton Posts:23,954 Points:2,107,475 Joined:Sep 2005	Message Posted: Feb 13, 2013 8:31:07 PM Ignore Chris46 Report Abuse More reasons for gas prices to go up
walkingtall Champion Author Toronto Posts:4,129 Points:1,147,430 Joined:Nov 2004	Message Posted: Feb 13, 2013 8:27:51 PM Ignore walkingtall Report Abuse Which translate into increase at the pumps.
abcdMA Champion Author Worcester Posts:8,052 Points:1,600,730 Joined:Nov 2008	Message Posted: Feb 13, 2013 8:23:20 PM Ignore abcdMA Report Abuse higher oil prices will mean higher gas prices which means less consumer cash which means less spending which means economic retraction which means recession
Is246 Champion Author Albuquerque Posts:1,043 Points:442,640 Joined:Apr 2011	Message Posted: Feb 13, 2013 8:22:46 PM Ignore Is246 Report Abuse Why are we letting OPEC decide demand???
nwsynthetics Champion Author Oregon Posts:1,019 Points:354,400 Joined:Dec 2011	Message Posted: Feb 13, 2013 8:22:30 PM Ignore nwsynthetics Report Abuse ok
gknee09 Champion Author Philadelphia Posts:1,001 Points:844,610 Joined:Jul 2009	Message Posted: Feb 13, 2013 8:21:16 PM Ignore gknee09 Report Abuse which translates into an increase of what at the pump?
76chevy Champion Author Toledo Posts:4,023 Points:778,620 Joined:Jun 2010	Message Posted: Feb 13, 2013 8:19:56 PM Ignore 76chevy Report Abuse Why not kill any recovery with higher energy prices?!
billy44bo Champion Author Mobile Posts:7,328 Points:1,516,265 Joined:Feb 2008	Message Posted: Feb 13, 2013 8:18:33 PM Ignore billy44bo Report Abuse I am with you Tonypsu
ericbcire Champion Author Nevada Posts:4,655 Points:1,294,060 Joined:Aug 2009	Message Posted: Feb 13, 2013 8:18:26 PM Ignore ericbcire Report Abuse Prices must drop or the economy will worsen.