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Author Topic: Oil reaches for first monthly gain since March Back to Topics
brbaritone

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Virginia

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Message Posted: Jun 28, 2013 7:11:48 AM

U.S. crude-oil futures rose Friday, with the commodity headed for its fifth straight winning session and set to close the month on a positive note.

Crude for August delivery rose 38 cents, or 0.4%, to $97.43 a barrel in electronic trade. Oil was poised to post a weekly gain of 3.6%, according to FactSet data.

Oil prices are on track in June for a rise of 5.5%, which would mark their best monthly performance since a 5.6% advance in March.

Prices in June had “relatively weathered the storm amid a steep sell-off in various commodities and asset classes,” IIFL analyst Hitesh Jain told clients this week.

Gold is among the commodities that have suffered in June, with price futures down roughly 24%.

Jain noted, though, that while tensions in the Middle East and strong U.S. macroeconomic ...
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Lugi1967
Champion Author Ohio

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Message Posted: Jun 28, 2013 3:24:05 PM

It's summer time pricing
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Lugi1967
Champion Author Ohio

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Message Posted: Jun 28, 2013 3:23:23 PM

Pretty hard to demad lower price
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Lugi1967
Champion Author Ohio

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Message Posted: Jun 28, 2013 3:21:53 PM

UP and down
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bwatchingu
Champion Author Arkansas

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Message Posted: Jun 28, 2013 2:41:44 PM

Not positive news for consumers,but who cares for the consumer anymore.
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sarasotasingle
Champion Author Sarasota

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Message Posted: Jun 28, 2013 10:08:48 AM

This is my thought today...When the American people stand up and demand A source of affordable oil you will see oil prices slip.American oil development is expensive if you feel A few thousand US oil jobs are worth $4.oo+gal gas then stop complaining about the price.I belive low gas prices(if they stay low no more than $2.00gal)will promote TRUE job creation-in the millions of jobs.Drop all taxes on gas immediately,lets have A vote to buy out speculators(gasoline is much too necessary for this much fluctuation)Ill pay A thousand dollars today for that.Lets have oil companies guarantee A price for the year say $2.50gal to $2.75gal and if it goes higher prove why-is that to much to ask?We have the buying power of hundreds of millions of people.This is A world market why do we have no say at all?
If you agree Buddy me !
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mastermariner
Champion Author Texas

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Message Posted: Jun 28, 2013 9:58:15 AM

Market reaction
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BUSMAN1105
Champion Author Atlanta

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Message Posted: Jun 28, 2013 9:57:52 AM

WE NEED LOWER PRICES ON THE OIL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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humblepie
Champion Author Toledo

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Message Posted: Jun 28, 2013 9:16:20 AM

least $55 a barrel overpriced
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txequitygas
Champion Author Houston

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Message Posted: Jun 28, 2013 9:11:01 AM

and up up up we go
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scu227
Champion Author New Haven

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Message Posted: Jun 28, 2013 8:37:28 AM

MANIPULATION, SPECULATION, GREEEEEEEEEEEEED !!!!!!
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gcalleja
Champion Author Miami

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Message Posted: Jun 28, 2013 8:35:48 AM

Ugh!
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lcleveland
Champion Author San Antonio

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Message Posted: Jun 28, 2013 8:35:34 AM

Not good need for it to go lower and higher
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gypsymom3
Champion Author New Jersey

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Message Posted: Jun 28, 2013 8:07:22 AM

hhmmmm
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zuess28
Champion Author Allentown

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Message Posted: Jun 28, 2013 8:01:47 AM

Winning session for who? What positive note?They make it sound like the higher the better. For who I ask not us.
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EnviroChemist
Champion Author Oklahoma

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Message Posted: Jun 28, 2013 7:58:08 AM

Higher output, lower demand and the prices still go up. Same story almost every summer prices rise as people travel for summer vacation, price rise due to futures trading and greed.
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Evilmaddog
Champion Author British Columbia

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Message Posted: Jun 28, 2013 7:57:56 AM

should be going down
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BEGTWO
Champion Author Maryland

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Message Posted: Jun 28, 2013 7:57:34 AM

OH...NO
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Peachy1
Champion Author St. Louis

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Message Posted: Jun 28, 2013 7:45:46 AM

Gee, imagine that!
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merlinCO
Champion Author Colorado

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Message Posted: Jun 28, 2013 7:40:52 AM

Because the price is too low???
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gs7101
Champion Author San Antonio

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Message Posted: Jun 28, 2013 7:38:27 AM

It had to eventually happen.
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AVKZ
Champion Author Kalamazoo

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Message Posted: Jun 28, 2013 7:35:18 AM

Too bad.
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brbaritone
Champion Author Virginia

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Message Posted: Jun 28, 2013 7:12:35 AM

The article continues:

... figures “are providing support to the complex, prices have failed to surpass $99 a barrel.”

Oil on Thursday climbed 1.6% on the New York Mercantile Exchange, with prospects for energy demand aided by reports that U.S. consumers spent and earned more in May, and that the number of people who applied for unemployment benefits last week fell, pointing to a slightly slower pace of layoffs.

Later Friday, investors will monitor speeches to be delivered by Federal Reserve officials, as well as Chicago PMI and consumer sentiment data.

Oil futures were still slightly lower for the second quarter, down by 0.2%.

Energy prices “seem vulnerable at higher levels, as dynamics in oil markets are changing on account of surge in global oil output,” wrote IIFL’s Jain. Growth in global oil demand remains subdued regardless of improving economic conditions in the U.S., and pessimism in China and Europe remain as headwinds, he said.

“Considering the multitude of factors, we believe that oil prices will persist with the familiar price range of $92-$98 a barrel in the coming weeks and eventually drift lower below $90 a barrel,” he wrote.
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