Election over: OIL UP December delivery gained 29 cents to $59.22

[radfringe]

Oil prices rise in Asian trading
By TANALEE SMITH, Associated Press Writer
Wed Nov 8, 2006
http://news.yahoo.com/s/ap/20061108/ap_on_bi_ge/oil_prices&printer=1


Oil prices rose Wednesday as traders awaited the weekly U.S. crude inventory report and assessed the possibility of further OPEC production cuts.

The U.S. inventory report to be released later in the day is expected to show modest increases in crude and gasoline stocks. Last week, crude oil stocks rose by 2 million barrels to 334.3 million barrels. Demand is currently low as the Northern Hemisphere winter has yet to set in.

The market is also mulling the possibility that the Organization of Petroleum Exporting Countries would implement additional production cuts in December following a plan to reduce oil output by 1.2 million barrels a day starting Nov. 1.

--snip--

Light, sweet crude for December delivery gained 29 cents to $59.22 a barrel in midmorning Asian electronic trading on the New York Mercantile Exchange.

[fasttense]

1. Now who would have thought the dip in gas prices was

only temporary and would only last until after the vote.:sarcasm:

[razors edge]

2. Here it comes.

bring it on.