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#292345 - 08/08/08 05:04 PM oil prices  
Joined: Aug 2007
Posts: 56
ubbit Offline
ubbit  Offline
bywarren, have you been following oil prices? They will increase again when all the talk about alternative sources fades. Seen this show too many times.

#292346 - 08/08/08 05:28 PM Re: oil prices [Re: ubbit]  
Joined: Sep 2002
Posts: 10,850
Ernie B Offline
Ernie B  Offline
ubbit. Im not bywarren but I do know a little about the commodity markets. Oil is down for the following reasons; (1) consumption is down (2) The Dollar is up against the Euro, Pound and Yen.

Gold and silver are down to a two month low, because the $ is up.

The question is, how far are the Central Banks going to go in manipulating the prices of commodities. Our Fed is just as involved as the other Central Banks.

Gun Control is Hitting Your Target.
#292347 - 08/08/08 05:31 PM Re: oil prices [Re: Ernie B]  
Joined: Mar 2001
Posts: 2,636
bywarren Offline
bywarren  Offline
My monthly royalty checks keep me appraised of the price of oil. Thanks for asking.

#292348 - 08/08/08 05:37 PM Re: oil prices [Re: bywarren]  
Joined: May 2005
Posts: 3,952
Otteralum Offline
Otteralum  Offline
Oil will keep dropping -- there will be periodic ups and downs, but it'll be back under $100 very soon.

I will have a Belikin -- put it on klcman's tab.
#292349 - 08/08/08 05:41 PM Re: oil prices [Re: Otteralum]  
Joined: Sep 2002
Posts: 10,850
Ernie B Offline
Ernie B  Offline

Gun Control is Hitting Your Target.
#292705 - 08/11/08 05:22 AM Re: oil prices [Re: Ernie B]  
Joined: Nov 2006
Posts: 1,094
Danny2 Offline
Danny2  Offline
And how do you think it will do today after Russia took over Georgia and is stopping the shipment of oil from that region?

#292706 - 08/11/08 05:49 AM Re: oil prices [Re: Danny2]  
Joined: Sep 2002
Posts: 10,850
Ernie B Offline
Ernie B  Offline
Danny, I don't know who your question is directed to, but oil is up $1.00 to $115 this morning which should also affect the gold prices. As a matter of fact, I just looked at the London opening and it is up $4.00 to$863. The COMEX also has followed at $862. This should be an interesting day.

Gun Control is Hitting Your Target.
#292731 - 08/11/08 12:27 PM Re: oil prices [Re: Ernie B]  
Joined: Apr 2000
Posts: 111
Spyder Offline
Spyder  Offline
Better check your oil prices again!!

#292732 - 08/11/08 12:30 PM Re: oil prices [Re: Spyder]  
Joined: Sep 2002
Posts: 10,850
Ernie B Offline
Ernie B  Offline
I get a running quote, i know what they are. Thanks

Gun Control is Hitting Your Target.
#292736 - 08/11/08 12:50 PM Re: oil prices [Re: ubbit]  
Joined: May 2001
Posts: 475
ChrisW Offline
ChrisW  Offline
The dollar is up and oil is down for one reason only and that is because the US has been intervening in the currency markets. The US has been selling Euros and buying dollars using the Exchange Stabilization Fund (ESF). IMHO this is a desperation move to try and stem the bleeding dollar. Fundamentally it changes nothing, but so far it is having the desired effect.

All credit for the below graph made from the above Treasury Department data goes to Bart13 over at That big drop in the blue line is Euros being spent to buy dollars.

[Linked Image]

Last edited by ChrisW; 08/11/08 12:51 PM.
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