It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by finemanm
Has anyone noticed that Oil is back above $47 dollars a barrel. The only thing that has been a slight relief during this tailspin is that it only costs me $50 to fill my SUV when in the summer it cost over $100 per tank.
If oil goes anywhere near last summer's prices, the US economy will evaporate even faster.
Crude Oil prices traded higher for second consecutive week, as expectation of further production cut by OPEC in their upcoming meeting, boosted market sentiments. Unexpected drop in crude oil inventory and increase in gasoline consumption also helped prices to trade higher.
Weekly inventory data showed that US gasoline consumption for past four weeks increased by 2.2% to 9.18 million barrels. Also closely watched Cushing inventory fell for the second time in a row, bringing stocks to its total operable capacity of 34 million barrels. Optimism of supply cut from OPEC and rise in gasoline consumption supported gains in oil prices. Oil market shrugged off weak unemployment data from US. US unemployment rate soared to the highest in more than 25 years
NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room . . . So oil companies and investors are stashing crude, waiting for demand to rise and the bear market to end so they can turn a profit later.
Oil inches above $43 after big drop on inventories (headline)
Oil prices inched above $43 a barrel Thursday in Asia after an unexpected rise in U.S. crude inventories