Tumble--and for two straight days. Too many more and the stas guys will have a stroke.

Yesterday oil closede at $80.75 a barrel--it is getting closer and closer to that $100 mark.

Ever closer and the rate cut only helps it draw near.



Sept. 19 (Bloomberg) -- Crude oil rose, trading above $82 a barrel for a second day in New York, on speculation yesterday's U.S. interest rate cut will revive the economy and bolster fuel demand.

Oil has risen 11 percent so far in September, heading for its biggest monthly gain since January 2006. Prices also climbed as Royal Dutch Shell Plc evacuated staff from the Gulf of Mexico because of concern a storm will strike production platforms.


LINK

More good news.


With oil inventories dwindling around the world, and tensions rising with Iraq's Kurds, crude oil hit a record in New York trading on Friday, topping $84 a barrel at one point during the session.

Analyst Phil Flynn of Alaron said, "The reason the market is strong is concern over increasing tensions between Turkey and the Kurds."

The price increase followed news of rising conflict close to major crude oil pipelines in northern Iraq, where Turkey has been combating Kurdish rebels. Prime Minister Recep Tayyip Erdogan of Turkey has said he is willing to defy the international community's warning against crossing the boarder into Iraq, and is ready to take action against the region where the Kurdish Workers' Party, an armed militant group, presumably is located.


LINK

A major military offensive by Turkey and it looks like $100 will be a reality.

Yep, looks like there will be more problems created than it would solve, IMO.

Seems the prediction is still holding.


Crude oil prices continued a months-long bullish run with another record-setting day: On Oct. 16, the price for a barrel of light sweet crude surged $1.48, to settle at $87.61 on the New York Mercantile Exchange, the highest mark recorded since contracts started trading on the exchange.

What's driving the latest bull run? Many analysts point to growing global demand amid tightening supplies. In the latest development, Turkey says it's considering sending troops into northern Iraq to pursue Kurdish guerrillas. Concerns that such actions could disrupt oil supplies in the Middle East drove prices higher yet again, capping a $9 rally that started last week.


LINK

All it's going to take is a major disaster somewhere in an oil producing country and it will push it to $100 or beyond.

Well the Turkey something seems to be fuelling the rise right now. So you may be correct, time will tell.

All the talk about Iran won't help speculation prices either. Any disruptions at all at this point will be critical. I have no doubt it will hit $100 but it looks like it might be sooner that I thought.

$90.02. It's getting closer.

OK, so when does the pool start? I think I want November 26.

On Wednesday night at this week's Houston Oil Conference, Aage Figenschou will report on the changing date of Peak Oil as predicted by the IFP, the French Petroleum Institute. He says that in 2001 IFP predicted oil would peak in 2020. But in 2006, IFP said the year would be 2015; and in June of 2007, they had moved the peak year forward to 2010.

oilonline.com

That can't be good.

The Monday before T/giving, whatever date that is.

LOL I picked the Monday after Thanksgiving, so that would make your date November 19.

The 19th, okay I will watch. Thanx, it is early coffee is not ready and I could not find a damn calender. LOL You wpould think that I would put it on the wall, but NOOOOOOOOO I am smarter than that. LOL

I'll take the 9th of November. It will hit $100 a barrel because of terrorist attacks.