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Oil prices near $83 on upbeat IEA report

Breitbart -- Oil rose close to 83 dollars a barrel on Friday as the International Energy Agency reported unexpectedly strong growth in world energy demand, led by China.
New York's main contract, light sweet crude for April delivery, added 49 cents to 82.60 dollars a barrel.

Brent North Sea crude for April gained 48 cents to 80.76 dollars per barrel in midday London trading.

"The continued economic optimism buoyed the oil price above the mark of 82 dollars per barrel," said Commerzbank analyst Eugen Weinberg.

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Submitted Mar 12, 2010 By: comprof

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brbaritone Veteran Author Virginia Posts:282 Points:792,425 Joined:Jan 2007	Message Posted: Mar 13, 2010 12:25:39 PM Ignore brbaritone Report Abuse "Optimism" is just a euphemism for "speculation." Please read the article entitled "Deja vu: Energy Prices" ... the economic fundamentals simply do not support the current price. The only driver of prices right now is hedge funds wanting to "get in on the ground floor" of the next expansion cycle ... whenever that occurs.
amerk73 Champion Author Dallas Posts:1,930 Points:606,110 Joined:Oct 2008	Message Posted: Mar 13, 2010 11:36:51 AM Ignore amerk73 Report Abuse want slid down $81
ENORMS Champion Author Colorado Posts:1,968 Points:661,950 Joined:Sep 2006	Message Posted: Mar 13, 2010 10:36:18 AM Ignore ENORMS Report Abuse The speculators keep pushing up the price of oil until it kills the economy and puts more people out of work.
FastAndy Champion Author Indianapolis Posts:4,203 Points:1,079,710 Joined:Jun 2007	Message Posted: Mar 12, 2010 11:06:46 PM Ignore FastAndy Report Abuse This just means gasoline prices are heading up some more.
Night Owl Champion Author Toronto Posts:2,530 Points:795,465 Joined:Jul 2004	Message Posted: Mar 12, 2010 7:42:23 PM Ignore Night Owl Report Abuse Oil is overpriced.