Oil climbs above $60, Saudi warning lends support - Mercedes-Benz Forum

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post #1 of 36 (permalink) Old 11-27-2006, 09:51 AM Thread Starter
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Oil climbs above $60, Saudi warning lends support

Oil climbs above $60, Saudi warning lends support

By Neil Chatterjee


SINGAPORE, Nov 27 (Reuters) - Oil prices rose to around $60 a barrel on Monday as a weaker U.S. dollar and a Saudi warning of possible new output curbs bolstered buying interest ahead of winter demand. London Brent crude for January delivery gained 6 cents to $60.09 a barrel by 0816 GMT, shrugging off early weakness and adding to 68-cent gains on Friday. U.S. light crude rose to $59.89, up 65 cents from the settlement on Wednesday, the last day of trade in New York before the two-day Thanksgiving holiday.

Saudi Oil Minister Ali al-Naimi, speaking publicly on OPEC policy for the first time in almost three weeks, on Saturday joined OPEC peers in warning of a possible second cut next month, if the group's 1.2 million barrels per day (bpd) curb since the start of November failed to drain hefty U.S. stockpiles.

"We must look at the impact of the measures decided in Doha. If they are adequate, we will be satisfied, if they are not we will act again and the aim is to bring stability back to the market," Naimi told reporters.
The comments from OPEC's most influential member led analysts to point to renewed concern over a combination of production cuts and winter fuel demand that could draw down stocks, with heating oil futures in New York leading the complex higher.
"The longer oil stays below $60 the more chance OPEC will cut," said Tony Nunan, a risk manager at Mitsubishi Corp. in Tokyo.
"Even though inventories are high they are mainly concentrated in crude oil, and we're heading into winter -- plus high inventories shouldn't be a drag on the price because of the uncertain world we're in."
Prices rallied on Friday after Italian firm ENI was reported to have declared force majeure on a 50,000-bpd Nigerian field, and as a weaker dollar made non U.S.-dollar priced oil cheaper.
The dollar hit a 20-month low against the euro and a three-month low against the yen on Monday, amid worries over a slowdown in U.S. economic growth.
Oil has been stuck in a two-month trading rut of $58-$62 a barrel, showing few signs of resuming a climb back toward a record high of $78.40 a barrel hit in mid-July.
But increased tension over the holiday weekend in the Middle East -- where Hezbollah plans street protests in Lebanon this week to topple the Western-backed government, and the motorcade of Iraq's prime minister was pelted with stones on Sunday -- may have turned sentiment more bullish. "So far Iraqi exports haven't been affected, but if the unity government there falls apart it could be a mess," said Nunan.

Seems Chaney's trip did some good after all for somebody.

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post #2 of 36 (permalink) Old 11-27-2006, 07:04 PM
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Election's Over!

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #3 of 36 (permalink) Old 11-27-2006, 07:08 PM
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Originally Posted by FeelTheLove
Election's Over!
That's my thoughts exactly
Today I filled up for over $50.00 versus a few week ago for about $35.00. Well that's a difference I will not be spending at Walmart. My kids this year are going to learn that either Santa does not exist or I killed him when I found him doing the hohoho with my wife.
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post #4 of 36 (permalink) Old 11-27-2006, 07:09 PM Thread Starter
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Election's Over!
Au Contraire, the fun is only getting ready to start.
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post #5 of 36 (permalink) Old 11-27-2006, 07:14 PM Thread Starter
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Originally Posted by Professor
That's my thoughts exactly
Today I filled up for over $50.00 versus a few week ago for about $35.00. Well that's a difference I will not be spending at Walmart. My kids this year are going to learn that either Santa does not exist or I killed him when I found him doing the hohoho with my wife.
He has to look after the Dick Cheney Retirement Fund, as wel as the Dick Cheney holiday trip fund as well as the all important Dick Cheney memorial fund.

I filled up yesterday with Shell here for USD 40 (75 liters)
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post #6 of 36 (permalink) Old 11-27-2006, 07:17 PM
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Welcome to the jungle, it gets worse here every day!

Insurgents target oil sources, cause massive infernos
POSTED: 6:13 p.m. EST, November 27, 2006

BAGHDAD, Iraq (CNN) -- Insurgents Monday targeted key oil sites in Iraq, firing mortar rounds into an oil distribution center in northern Iraq and bombing a pipeline in a southern suburb of Baghdad, Iraqi officials said.

The attack on the oil distribution center triggered a massive fire that halted the flow of crude oil to Iraq's largest refinery, a Kirkuk police official said.

The attack happened around 6:30 p.m. (10:30 a.m. ET) in Baiji, which is about 15 miles (25 km) northwest of Kirkuk, the police official said.

Iraqi army and civil defense personnel were still on the scene hours later trying to put out the fire.

Smoke from the blaze could been seen from miles away.

The refinery in Baiji has a daily production level of about 8.5 million liters of gasoline, 7.5 million liters of diesel and 6.5 million liters of white oil.

The second attack -- a bomb planted beneath an oil pipeline in the al-Rashid district -- also started a fire at around 11 a.m., an official with Iraqi civil defense said, adding that the civil defense put out the fire in about 2 hours.

The pipeline carries crude oil from storage tanks near Latifiya, south of Baghdad, to the Dora refinery in the capital.

Further south, in Muqdadiya, gunmen Monday stormed a mobile phone store, killed the owner and planted explosives which later detonated as people gathered inside, killing four people and wounding 25 others, an official with Diyala Joint Coordination Center told CNN.

That attack happened at 5 p.m. (9 a.m. ET). Muqdadiya is about 25 miles (40 km) north of Baquba.

High stakes meetings
In the midst of the violence, Iraqi President Jalal Talabani traveled to Iran and President Bush began a trip that will take him to the Middle East and a meeting with Iraqi Prime Minister Nuri al-Maliki.

Talabani's meeting with Iranian President Mahmoud Ahmadinejad, originally scheduled for Saturday, was delayed when Iraq closed Baghdad International Airport and imposed a curfew after more than 200 people were killed Thursday in the capital's Shiite slum of Sadr City.

Police called it the single worst attack since the war began.

Joining Talabani on the Iran trip is Iraqi Foreign Minister Hoshyar Zebari as well as the ministers of oil, education, industry, science and technology and a number of Iraqi lawmakers, Talabani's office said.

Iraq's government and the Bush administration are under pressure to look beyond the country's borders to bring an end to the ongoing violence. (Watch why pressure is mounting on Bush and al-Maliki )

The United States has refused to negotiate with Iran and Syria about helping to bring stability to Iraq, accusing both Tehran and Damascus of aiding insurgent groups in Iraq.

But a draft report by the Iraq Study Group, which is considering Iraq strategy, urges an aggressive regional diplomatic initiative that includes direct talks with Iran and Syria, according to The New York Times on Monday.

Iraq restored diplomatic relations with Syria last week when Syrian Foreign Minister Walid Moallem visited Baghdad. Ties had been cut in 1982 when Damascus backed Iran in its war with Iraq.

On Sunday, Iran's president said his country was willing to take a more active role in Iraq's future.

Ahmadinejad offered to help the United States "put an end to the present situation" in Iraq, on the condition that Washington stop its "bullying" there and revise its approach in the Middle East.

Meanwhile, Bush is scheduled to talk with al-Maliki in Amman, Jordan, on Wednesday and Thursday, following a NATO meeting in Latvia. (Full story)

Both al-Maliki and Bush face political pressure at home over the meeting and the future of Iraq.

On Friday, anti-U.S. Shiite cleric Muqtada al-Sadr's bloc threatened to withdraw support for al-Maliki if the meeting with Bush goes ahead as planned. (Watch show of force by al-Sadr's followers )

U.N. Secretary-General Kofi Annan said Monday he believes Iraq is "almost" in a civil war.

"I think given the developments on the ground, unless something is done drastically and urgently to arrest the deteriorating situation, we could be there, and in fact we are almost there," Annan told reporters. (Full story)

U.S. fighter jet crashes outside Baghdad
A U.S. Air Force F-16CG fighter jet crashed at 1:35 p.m. (5:35 a.m. ET) Monday outside Baghdad while making a "strafing run" -- firing on targets at a low altitude -- an American military official in Baghdad said.

The aircraft was carrying one pilot, but the military, which is investigating, would not disclose whether the pilot survived.

A Pentagon source said the plane was operating near Falluja, which is about 30 miles west of Baghdad.

Al-Jazeera TV aired video of what it said was smoldering wreckage of the F-16. The footage showed pieces of the aircraft, including the tail, which displays an aircraft number and an Air Combat Command logo.

Other violence
• Iraqi police found 39 bullet-riddled, unidentified bodies in Baghdad and 12 in Baquba.

• Gunmen kidnapped three Iraqi facility protection services guards (FPS) outside the Baghdad Municipality building in central Baghdad around noon, the official said. A guard was wounded in the ensuing clash with the gunmen.

• In the eastern Baghdad neighborhood of al-Talbiya, gunmen abducted four brothers and killed a fifth brother after he resisted, the official said. The kidnapping happened around 4 p.m.

• Three Iraqis were killed and 15 others wounded in a mortar attack on a residential area in the southeastern Baghdad district of Jisser Diyala around 2 p.m., the official said.

• Two Iraqi police officers were killed Monday during a police raid on houses in the southern Baghdad neighborhood of Abu Dshir, the official said. Police detained 11 suspected terrorists and a number of weapons, according to the official.

• An Iraqi police patrol was also attacked by gunmen in the western Baghdad neighborhood of Yarmouk, the emergency police official said. One police officer was killed and four other police were wounded in the attack, which happened around 5 p.m.

CNN's Jamie McIntyre, Richard Roth and Mohammed Tawfeeq and journalist Shirzad Bozorgmehr contributed to this report.

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #7 of 36 (permalink) Old 11-27-2006, 07:26 PM
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Awww, you guys are gonna have Jayhawk dirtying the bottom of his cage with reports like this.
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post #8 of 36 (permalink) Old 11-27-2006, 07:27 PM
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Quote:
Originally Posted by FeelTheLove
Election's Over!
Remember these ba$tards even went so far as to say the surge in Iraqi violence was because the insurgents want the democrats to win, last I read the violence is only escalating and the election is long over. For the life of me I can't believe how dumb the 35% have to be to not see the continous lies they tell, I guess that's why they call them sheep.
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post #9 of 36 (permalink) Old 11-27-2006, 07:33 PM
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We are not responsible for any of this. The fact that we chose to remove the effective, authoritarian government of Iraq does not mean that we accept any level of stewardship for it. Especially since our leader was taking orders directly from god. I'm certain that divine intervention is right around the corner.

"If spending money you don't have is the height of stupidity, borrowing money to give it away is the height of insanity." -- anon
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post #10 of 36 (permalink) Old 11-27-2006, 10:12 PM
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Ruffian!
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