Bloomberg: Oil Price, Nearing $70, May Rise on Iran, Survey Says

[sabra]

http://quote.bloomberg.com/apps/news?pid=10000086&sid=aghPujatFlPA&refer=news_index

Oil Price, Nearing $70, May Rise on Iran, Survey Says

Jan. 20 (Bloomberg) -- Crude oil prices, approaching $70 a barrel for the first time in more than four months, may climb as the U.S. and its European allies pressure Iran to end nuclear research, a Bloomberg News survey shows.

Twenty-nine of 55 analysts surveyed, or 53 percent, said prices will rise next week. Eight forecast prices will decline and 18 expect little change. Last week, 60 percent said prices would increase. Oil traded above $67 a barrel today in New York.

The dispute with Iran, the world's fourth-biggest oil producer, has raised the possibility that the country may retaliate to possible censure by cutting shipments. Germany, France and Britain called for the United Nations International Atomic Energy Agency to hold an emergency meeting regarding Iran's Jan. 10 decision to resume nuclear fuel research.

``The investment dollars are coming into the energy market as people look for a hedge against the Iran worries,'' said John Kilduff, vice president of risk management at Fimat USA in New York. ``The momentum makes reaching $70 inevitable.''

[ClintonTyree]

1. What will this do to the bush..........

economic miracle? The economy has been SOOOOOO great since he stole office, don't tell me that in jeopardy now? :scared:

[doublethink]

2. $70.85 was the high recently around 'Katrina' time....

and with this possible Iran war coming up I'll go out on a limb and say maybe $80.00 by March, April. $5.00 a gallon gas here we come (and it'll reach $100.00 but when is anybody's guess), but suck it up, we have to save the world for democracy, freedom (ignore the fact that our freedoms will be further taken away here at home), and what-not. So the plot thickens. Peace. :)

[doublethink]

3. Hey lookie what I found hot off the press!..........

"The combination of cold winter weather and a potential stand-off in the Arabian Gulf in the event of a military strike on Iran is causing many oil analysts to expect $80 per barrel oil as early as this quarter," said Ashraf Laidi, chief currency analyst with MG Financial. -snip- :crazy:

http://today.reuters.com/business/newsarticle.aspx?type=reutersEdge&storyID=2006-01-20T201500Z_01_N20354684_RTRUKOC_0_US-MARKETS-FOREX-IRAN.xml

[merbex]

4. My husband told me last night after doing paperwork that we will

spend an extra $2000 just to heat the house this year never mind that the price of everything else is also climbing

It's been a mild winter and I live in a cape style home

How do people afford these McMansions? AND drive the his and her suburbans?

[WCGreen]

5. Speculation......

Can be fun....

Now that double digit returns are but a memory, at least for the last few weeks which is, after all, a lifetime to those creatures living on the margin, on Wall Street and with the housing market slowing, where else can you make a ton of money with a few clicks of the mouse....

Commodities...

Or more precisely, energy related commondities...

When headlines such as Oil hits $70.00 amid fears of Iranian nuclear crisis, you know this is pure and simple speculation...

Let it be known that the reason you are paying more to get around and heat your home and cook your food is simply because people are speculating with a very very very important part of your life...

Ah unfettered capitalism....