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Home Front Economy
Oil prices climb above $59 a barrel
2007-02-06
Oil prices rose again Monday, after falling earlier in the day on last week's surge fueled by expectations of cold weather in major US markets. Light, sweet crude for March delivery rose 27 cents to $59.29 a barrel on the New York Mercantile Exchange by afternoon in Europe. Brent crude for March delivery on the ICE Futures exchange was still down 11 cents to $58.30 a barrel. The Nymex contract on Friday rose $1.72 to settle at $59.02 a barrel on colder-than-normal US weather and supply worries driven by a second round of OPEC production cuts.

Oil prices had earlier fallen as low as $49.90 a barrel after an unseasonably warm January.
Posted by:Fred

#4  I mean the oil futures people, of course. Most of us are hoping that something will happen to Iran in the near term, which mostly likely will affect its oil exports.
Posted by: trailing wife   2007-02-06 17:51  

#3  Are people getting nervous that something is going to happen to Iranian production in the near term?
Posted by: trailing wife   2007-02-06 12:29  

#2  Damn, that's a 20% rise per barrel in about 2 weeks! There's a lot of financial manipulation of the oil market going on, it's not just supply & demand that influences the price per barrel.
OTOH, notice the following chart:

Getting flat towards the end of 2006, even with the record high prices of last year. $59 a barrel is probably cheap!
Posted by: Anguper Hupomosing9418   2007-02-06 11:35  

#1  dang, and we were just under $2.00 a gallon of gas.
Posted by: Anon4021   2007-02-06 11:12  

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