Oil hits record near $106 on weak dollar, OPEC

[gutteck]

By Matthew Robinson

NEW YORK (Reuters) - Oil hit a record high near $106 on Thursday, fueled by the weak dollar and OPEC's decision to hold crude output steady.

U.S. oil settled up 95 cents at $105.47 a barrel after hitting a record $105.97 a barrel during the session. London Brent crude rose 97 cents to settle at $102.61 a barrel, after hitting a record $102.95.

The gains followed a $5 jump on Wednesday, after declining U.S. crude inventories and a decision by the Organization of the Petroleum Exporting Countries to maintain production levels despite consumer-nation calls for more oil.

Speculative buying as investors seek a hedge against inflation and a tumbling dollar also drove oil prices higher.

"The dollar is going down again and hedgers are buying commodities and this is all adding fuel to the fire," said Mark Waggoner, president of Excel Futures.

The dollar extended losses against the euro and the yen on Thursday after U.S. pending home sales were reported unchanged in January, doing little to allay investor worries over the deteriorating U.S. economic outlook.

Wednesday's surge marked oil's single biggest price gain in absolute dollar terms, according to Reuters database EcoWin, although there have been larger daily percentage price gains.

"The crude squeeze continues. The sharp rise in crude was exacerbated by a weak U.S. dollar, OPEC's decision to stand still," Citigroup said in a research note. Continued...

Oil prices are not going up. The dollar is devaluating at an alarming rate.

Mammoth Depression here we go… Let’s all accept the Amero urgently because the dollar sucks big time... And while we are at it lets unify the Union. Don’t you see people it’s the only solution!

 

[seapilot]

Time to invest in a moped dealership.

 

[LT for the Truth]

Time to invest in a moped dealership.

you'dhave a customer right here!!

 

[gutteck]

Leaving sarcasm to the side I believe that the big depression is approaching. Preparing for something so cataclysmic is not easy. But nobody can really prepare because if you have food and those that don’t find out they will come knocking on your door sometimes begging and sometimes demanding.

One thing is for sure. And that is that we are already seeing the rapid devaluation of the currency. Somewhere I read that the dollar will be worth 1/10 of what it was worth when that was written. I think we will see such devaluation within the next 2 years.

 

[seapilot]

Leaving sarcasm to the side I believe that the big depression is approaching. Preparing for something so cataclysmic is not easy. But nobody can really prepare because if you have food and those that don’t find out they will come knocking on your door sometimes begging and sometimes demanding.

One thing is for sure. And that is that we are already seeing the rapid devaluation of the currency. Somewhere I read that the dollar will be worth 1/10 of what it was worth when that was written. I think we will see such devaluation within the next 2 years.

My grandfather lived through the GD. He saved everything you could imagine, could fix anything that broke with simple materials and ate every bit of food off his plate.

A piece of his incisor tooth broke off, and instead of spending money going to the dentist he carved a copy of it out of a toothbrush handle and glued it in place. That generation was a lot more prepared for it than this one will be.

It will change a lot of people and many will become stronger more independent because of it. Dependent people give up thier liberties more than independent people do.

 

[Primbs]

This summer I will be on mountain bike.