Oil Surges Back Toward $90
Oil moved up to $84.69 on a path that may well take it above $90. US stockpiles were down 4.1 million barrels according to the American Petroleum Institute. OPEC has said that $90 oil will not hurt the global recovery.…
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“We can expect higher prices, maybe up to $90 or even higher,” said Sintje Diek, an analyst with HSH Nordbank in Hamburg told Bloomberg
Jim Ritterbusch, president of oil trading advisory firm Ritterbusch & Associates, said oil markets appeared to be “borrowing” from the expected strength of prices after the Fed unveils its latest program to stimulate the U.S. economy, The Wall Street Journal wrote.
In addition to these factors there are concerns that:
The winter in the northern hemisphere will be extremely cold based on ice which has melted off the Arctic cap and will lower temperatures in the oceans.
OPEC may cut production so that the treasuries of its members can make up for a loss of income based on the dollar.
And, there are still fears that political instability in Iran, Nigeria, and Venezuela could affect supply
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
