Oil Rises $7.27/bbl to $85/bbl

[theheretic]

DOW was also up 277 points to 12,880. Big day for trading, though the news that sparked it? An empty EU agreement based on Optimism. Oil going up makes sense thanks to a workmen's strike in Norway and the ban on Iranian oil (of which there are numerous exceptions). Any bets as to whether the DOW falls on Monday after some thoughts on rational

Comments

[theheretic]

Interesting conclusion you make there. I believe I have previously posted that OPEC is likely to cut production to get the price of oil back to $100/bbl because that's where OPEC members want the price. After all, its not like OPEC has a vested interest in the survival of Western Satanist Imperialist Pig-Dogs.

BTW, where do you see the oil price going? Think it will fall to $30/bbl to please the glorious Socialist Leader in his bid for re-election this November? After all the economy is worse than when he took office 4 years earlier, and we're still at war in the middle east and south asia despite his blithe promises to end those unpopular wars the day he'd take office, or within the first month, or by the end of the summer in 2009, or eventually someday maybe if you kiss his... cheek. Or something. So here we are today, 4 years later, still at war, economy crap, OPEC still laughing, and billions lost on a campaign contributor who fled to Brazil rather than make solar panels (Solyndra) like they said they would because they were inconveniently using rare earth elements mined in China, which suddenly cut their export duties on panels but raised them on that rare earth citing supply shortages... and we now have a punitive tariff on those panels too late to matter. Yep, this is the govt we deserve. What will the oil price be AFTER the election? Any thoughts?

[20thlvl_rogue]

I don't know.

I was just making a joke because you have made a few posts before that are like "oil went up this much today, by this rate it will be X dollars by such and such time."

[theheretic]

That's true, several years ago. I've gotten a lot more cynical about the stupidity of markets since then. Friday was Optimism in action. Monday we'll either have production cuts to spite Iran, whom NOBODY likes, or the price crashes again because the Euro deal is utter BS and it takes them days to realize it.