Commodities Agenda: OPEC, Ike and oil

By Reuters Staff
September 10, 2008
gold | Ike | oil | OPEC

ike.jpgA surprise cut in production from OPEC and Hurricane’s Ike’s looming presence in the U.S. Gulf of Mexico are supporting oil prices above $100 a barrel. Just a daily move? Not to some. On OPEC, UBS told clients: ”We think this is a serious deal for a real cut… In this market, direction matters and this is a turn.”

It’s hard to grasp just what’s behind the volatility in oil prices lately, says Jim Landers of the Dallas News, taking on the Bubble Theory for the $40 a barrel drop in oil prices since July 11. (Pictured above: Havana before Ike hit)

Here are some of the stories Reuters commodities reporters are keeping an eye on today:

  • MMS releases updated production data from Gulf of Mexico in Gustav’s wake
  • Independent report on role of speculators in big oil, commodities price swings
  • Denver Gold Conference winds down but not before we’ve heard from miners Freeport, Newmont and Barrick

Its not hard to grasp what was behind the upward volitily of oil over the past few months at all. Why do I continually hear this comment? The use of forward contracts by easily found oil companies and the Dubai exchange over the past several months should result in criminal charges. These greedy people almost drove the world economy into a recession.
They certainly negatively impacted the US economy and the auto industry in a very negative way too and it was all for short term profit with n oconcern for anything else.

Posted by Mark | Report as abusive

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