Oil hits $100 a barrel

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Brent
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Oil hits $100 a barrel

#1 Postby Brent » Wed Jan 02, 2008 1:33 pm

Happy New Year!

http://www.msnbc.msn.com/id/12400801/
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Beam
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Re: Oil hits $100 a barrel

#2 Postby Beam » Wed Jan 02, 2008 1:49 pm

Whoopie Image
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#3 Postby HURAKAN » Wed Jan 02, 2008 2:11 pm

New Year, New Record!

Nothing unexpected.
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#4 Postby gtalum » Wed Jan 02, 2008 2:13 pm

No biggie. It's back down near $99 and the Dow is rebounding slowly. Happy New Year! :ggreen:
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Ed Mahmoud

Re: Oil hits $100 a barrel

#5 Postby Ed Mahmoud » Wed Jan 02, 2008 2:28 pm

It has much to do with the devaluation of the dollar as anything else. Check gold, copper, other commodities prices.
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Re: Oil hits $100 a barrel

#6 Postby Dionne » Wed Jan 02, 2008 2:39 pm

Ed Mahmoud wrote:It has much to do with the devaluation of the dollar as anything else. Check gold, copper, other commodities prices.


Good point. Copper has gone through the roof. All metals are way up. Even scrap metals by the ton is spawning new salvage yards.
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Re: Oil hits $100 a barrel

#7 Postby HURAKAN » Wed Jan 02, 2008 2:41 pm

Ed Mahmoud wrote:It has much to do with the devaluation of the dollar as anything else. Check gold, copper, other commodities prices.


You're making a solid point!
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Re: Oil hits $100 a barrel

#8 Postby gtalum » Wed Jan 02, 2008 2:43 pm

Ed Mahmoud wrote:It has much to do with the devaluation of the dollar as anything else.


More than anything else, really.

This is going to be the price of bailing out irresponsible lenders and borrowers.
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#9 Postby Cryomaniac » Wed Jan 02, 2008 7:23 pm

Currently 99.30 per kitco.com. Tomorrow could be interesting if todays trends carry on.
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Re: Oil hits $100 a barrel

#10 Postby Skyhawk » Thu Jan 03, 2008 10:17 am

The record was the result of a single trade of the minimum amount (1000 barrels).

http://news.bbc.co.uk/2/hi/business/7169543.stm
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kevin

Re: Oil hits $100 a barrel

#11 Postby kevin » Thu Jan 03, 2008 4:15 pm

Dionne wrote:
Ed Mahmoud wrote:It has much to do with the devaluation of the dollar as anything else. Check gold, copper, other commodities prices.


Good point. Copper has gone through the roof. All metals are way up. Even scrap metals by the ton is spawning new salvage yards.


Does this have to do with the increase in petroleum prices? After all metals come from rocks that have to be smashed, melted etc. to turn ores into "stuff". Or is this just an example of a speculative bubble?

I imagine that its a bit of both.
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Coredesat

Re: Oil hits $100 a barrel

#12 Postby Coredesat » Thu Jan 03, 2008 6:04 pm

kevin wrote:
Dionne wrote:
Ed Mahmoud wrote:It has much to do with the devaluation of the dollar as anything else. Check gold, copper, other commodities prices.


Good point. Copper has gone through the roof. All metals are way up. Even scrap metals by the ton is spawning new salvage yards.


Does this have to do with the increase in petroleum prices? After all metals come from rocks that have to be smashed, melted etc. to turn ores into "stuff". Or is this just an example of a speculative bubble?

I imagine that its a bit of both.


The devaluation of the U.S. dollar causes the prices of all commodities to increase. Oil isn't the only commodity that is increasing rapidly in value.
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Re: Oil hits $100 a barrel

#13 Postby grentz7721 » Thu Jan 03, 2008 8:00 pm

That is a suprise there. :eek: I Wonder what will happen to the economy now.
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