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Oil gains on Mideast uncertainty, higher dollar

MarketWatch -- Crude-oil futures extended gains in electronic trading Thursday amid a falling dollar and uncertainty in the Middle East despite a cease-fire between Israel and Hamas.

Benchmark U.S. crude oil for January delivery rose 26 cents, or 0.3%, to $87.64 a barrel on Globex during Asia trading hours.

Thursday’s gains came after the January contract settled at $87.38 a barrel for a gain of 0.7% in Wednesday’s regular session on the New York Mercantile Exchange.

Nymex floor trading was scheduled to close Thursday for Thanksgiving, with an abbreviated session slated for Friday.

GFT technical analyst Fawad Razaqzada said it looks like crude oil is forming a bottom.

The benchmark contract “broke through a bearish trend line on Friday, and although the bounce proved short-lived in nature, ...

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Submitted Nov 22, 2012 By: brbaritone

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CSharpGuy Champion Author Colorado Springs Posts:9,602 Points:1,924,135 Joined:Jan 2008	Message Posted: Nov 24, 2012 11:36:52 AM Ignore CSharpGuy Report Abuse what's new
52MPG Champion Author Dayton Posts:7,392 Points:1,767,455 Joined:Apr 2006	Message Posted: Nov 24, 2012 1:14:40 AM Ignore 52MPG Report Abuse The only thing for sure is change.
DanMtz Champion Author Oakland Posts:3,486 Points:1,269,075 Joined:Oct 2009	Message Posted: Nov 23, 2012 12:31:03 PM Ignore DanMtz Report Abuse Same old story.
jethro5000 Champion Author Kentucky Posts:2,008 Points:416,985 Joined:Jun 2005	Message Posted: Nov 23, 2012 10:48:39 AM Ignore jethro5000 Report Abuse The US dollar will continue to fall in value until we escape this fiscal Clift...
rjhenn Champion Author Des Moines Posts:22,602 Points:2,255,165 Joined:Aug 2005	Message Posted: Nov 23, 2012 3:20:40 AM Ignore rjhenn Report Abuse Interesting how some comment on the headline without actually reading any of the article. The headline says "higher dollar". The very first sentence of the OP says "falling dollar".
jetskijerry Champion Author North Carolina Posts:4,026 Points:798,020 Joined:Mar 2011	Message Posted: Nov 23, 2012 12:29:03 AM Ignore jetskijerry Report Abuse crooks
too_darned_high Sophomore Author Indianapolis Posts:213 Points:359,150 Joined:Apr 2012	Message Posted: Nov 23, 2012 12:24:22 AM Ignore too_darned_high Report Abuse I think pastorpaul is definitely onto something. No matter how this turns out between Israel and Hamas, nothing good will come out of it and we will all pay the price.
rjoeh Champion Author Michigan Posts:7,202 Points:2,495,590 Joined:Jun 2004	Message Posted: Nov 23, 2012 12:24:00 AM Ignore rjoeh Report Abuse Its amazing how turmoil a world away can wreck havoc with our day to day life.
crreed1 Champion Author West Virginia Posts:2,095 Points:2,549,740 Joined:May 2005	Message Posted: Nov 23, 2012 12:19:40 AM Ignore crreed1 Report Abuse it's BS
Gassed01 Champion Author Toronto Posts:6,475 Points:1,825,390 Joined:Jan 2006	Message Posted: Nov 23, 2012 12:19:35 AM Ignore Gassed01 Report Abuse More trouble to come from Egypt. Their new leader just effectively declared himself dictator. Thank goodness they don't have oil to use to blackmail oil markets. What does Egypt have? Cotton sheets. Watch the cotton sheet market go crazy.
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Nov 23, 2012 12:16:36 AM Ignore pastorpaulcg Report Abuse First it's "oil gains when dollar is weak" now it's "oil gains when dollar strengthens" I smell something
gmcgas Champion Author Atlanta Posts:6,084 Points:1,739,920 Joined:Mar 2004	Message Posted: Nov 23, 2012 12:15:54 AM Ignore gmcgas Report Abuse very sad
LocalSpyGuy Champion Author Tampa Posts:7,931 Points:1,610,925 Joined:Nov 2008	Message Posted: Nov 23, 2012 12:15:22 AM Ignore LocalSpyGuy Report Abuse Mideast is always uncertain.
tedjm1 Champion Author New York Posts:5,609 Points:800,300 Joined:Dec 2006	Message Posted: Nov 23, 2012 12:15:11 AM Ignore tedjm1 Report Abuse Happy Thanksgiving!!!!!
silverfox63 Champion Author Michigan Posts:8,237 Points:1,634,540 Joined:Oct 2008	Message Posted: Nov 23, 2012 12:15:03 AM Ignore silverfox63 Report Abuse Looks like higher prices at the pump again.
Matt G Champion Author Boston Posts:4,668 Points:2,799,765 Joined:Jun 2004	Message Posted: Nov 23, 2012 12:13:20 AM Ignore Matt G Report Abuse This a double sad story
Number43 Champion Author Lexington Posts:8,838 Points:1,663,920 Joined:Oct 2008	Message Posted: Nov 23, 2012 12:12:55 AM Ignore Number43 Report Abuse Real news: Speculators have jumped in to buy more oil futures and thus raise the price as to churn the markets and rob the little man. If obummer wants to raise taxes on these crooks then good for him. They stole it from us.
obimerrill Champion Author Cincinnati Posts:1,575 Points:316,440 Joined:Jul 2012	Message Posted: Nov 23, 2012 12:12:48 AM Ignore obimerrill Report Abuse Obama has the power as President to help steady things, but doesn't have the guts to do it...he can't even admit when he screws up (Benghazi)
Matt G Champion Author Boston Posts:4,668 Points:2,799,765 Joined:Jun 2004	Message Posted: Nov 23, 2012 12:12:38 AM Ignore Matt G Report Abuse This is a sad story
rahcat Champion Author Grand Rapids Posts:2,676 Points:688,925 Joined:Jan 2010	Message Posted: Nov 23, 2012 12:08:42 AM Ignore rahcat Report Abuse We won't have to worry if the Mayan calender is correct on December 21st.
Number43 Champion Author Lexington Posts:8,838 Points:1,663,920 Joined:Oct 2008	Message Posted: Nov 23, 2012 12:08:08 AM Ignore Number43 Report Abuse Gas prices go up on greedy speculators need to rob americans.
carpenter4u Champion Author Virginia Posts:2,476 Points:637,270 Joined:Jul 2011	Message Posted: Nov 23, 2012 12:06:01 AM Ignore carpenter4u Report Abuse prices should fall if dollar higher
DJRIO Champion Author Miami Posts:8,176 Points:1,451,335 Joined:Jan 2008	Message Posted: Nov 23, 2012 12:05:41 AM Ignore DJRIO Report Abuse endorse natural gas as transport fuel. give oil its competition and it dropp regardless.
mrbee Champion Author Little Rock Posts:3,888 Points:2,492,335 Joined:Oct 2005	Message Posted: Nov 23, 2012 12:04:40 AM Ignore mrbee Report Abuse Imagine that.
cheaper0ON Champion Author Ontario Posts:1,113 Points:423,805 Joined:Jan 2012	Message Posted: Nov 23, 2012 12:04:19 AM Ignore cheaper0ON Report Abuse ok.
snky2k Champion Author Indianapolis Posts:1,523 Points:329,090 Joined:Mar 2012	Message Posted: Nov 23, 2012 12:03:21 AM Ignore snky2k Report Abuse Old story.
PrinceLH Champion Author Ontario Posts:2,827 Points:564,770 Joined:Jun 2011	Message Posted: Nov 23, 2012 12:01:46 AM Ignore PrinceLH Report Abuse Bullshit at it's best!
seahawks Champion Author Washington Posts:3,321 Points:1,983,300 Joined:Sep 2005	Message Posted: Nov 22, 2012 11:56:49 PM Ignore seahawks Report Abuse that is a true statement!!!
tco9436 Champion Author Connecticut Posts:1,807 Points:743,650 Joined:Mar 2010	Message Posted: Nov 22, 2012 11:55:48 PM Ignore tco9436 Report Abuse OK
ktbaeohana Champion Author Las Vegas Posts:2,412 Points:442,125 Joined:Mar 2010	Message Posted: Nov 22, 2012 11:52:05 PM Ignore ktbaeohana Report Abuse watch and see.
jrsva Champion Author Virginia Posts:9,993 Points:1,638,975 Joined:Jan 2006	Message Posted: Nov 22, 2012 11:42:19 PM Ignore jrsva Report Abuse “America has plenty of oil, but Obama won't allow drilling. Even if he did, he would tax the . . . .” That’s complete BS and you (everyone) ought to know it. There is more drilling in the US now than there has been for years. Oil production is increasing every year and the federal gas tax has not changed for over a decade. We are importing less mid-east oil but we are still vulnerable to price fluctuation because oil is a global commodity. And no, we do not need the XL pipeline. It is designed to carry trash oil from the tar sands to the Gulf coast, more than likely for export. Canada should wise up and leave that junk in the ground instead of widening their environmental disaster in the sub-arctic. [Edited by: jrsva at 11/22/2012 11:45:28 PM EST]
DutchTreatMI Champion Author Grand Rapids Posts:3,436 Points:777,215 Joined:Mar 2011	Message Posted: Nov 22, 2012 11:37:44 PM Ignore DutchTreatMI Report Abuse Why is prices based on the middle east so much?
civicdutie Champion Author Rochester Posts:4,576 Points:976,535 Joined:Nov 2008	Message Posted: Nov 22, 2012 11:35:57 PM Ignore civicdutie Report Abuse As thing eventually settle down in the Middle East, prices will fall again.
mfeldstein Champion Author Ottawa Posts:8,296 Points:1,955,255 Joined:Feb 2007	Message Posted: Nov 22, 2012 11:34:09 PM Ignore mfeldstein Report Abuse nd73 ... Hogwash.
SandeeC Champion Author Ontario Posts:3,119 Points:476,010 Joined:Apr 2011	Message Posted: Nov 22, 2012 11:33:07 PM Ignore SandeeC Report Abuse Yeah, nd73, I hear the same thing from up here in Canada. And, in spite of what some say, I can't see Obama approving the pipeline from Canada since he rejected it before the election.
jrsva Champion Author Virginia Posts:9,993 Points:1,638,975 Joined:Jan 2006	Message Posted: Nov 22, 2012 11:32:39 PM Ignore jrsva Report Abuse We can give thanks for the (brief?) break in the Israel-Hamas war. Oil will go up a lot more if it escalates into a full-scale ground war.
nd73 Champion Author Grand Rapids Posts:1,085 Points:491,885 Joined:May 2007	Message Posted: Nov 22, 2012 11:28:21 PM Ignore nd73 Report Abuse America has plenty of oil, but Obama won't allow drilling. Even if he did, he would tax the snot out of it, just to keep the prices high. He and his regime have already stated that they want prices as high as Europe - around $7-8 a gallon. So with a free ride for another 4 years, Obama will get what he wants. Congratulations to all the suckers who voted for him.
CAD69 Champion Author Milwaukee Posts:3,336 Points:871,990 Joined:Nov 2010	Message Posted: Nov 22, 2012 11:27:43 PM Ignore CAD69 Report Abuse We are getting less oil from the Mideast! We need the XL now!
DrLyon Champion Author Michigan Posts:6,759 Points:1,237,415 Joined:May 2006	Message Posted: Nov 22, 2012 11:23:59 PM Ignore DrLyon Report Abuse Worry less about OPEC...
gd83goldwinger Champion Author South Bend Posts:1,428 Points:518,480 Joined:May 2011	Message Posted: Nov 22, 2012 11:23:31 PM Ignore gd83goldwinger Report Abuse All I see and hear is a lot of talk talk.............
papou Champion Author Tampa Posts:11,007 Points:1,930,885 Joined:Jul 2005	Message Posted: Nov 22, 2012 11:21:23 PM Ignore papou Report Abuse Let's use Americable we have plenty of it cut off the mid East
The_DR Champion Author New Jersey Posts:2,915 Points:610,815 Joined:Aug 2011	Message Posted: Nov 22, 2012 11:19:47 PM Ignore The_DR Report Abuse Go down!
Prodaddy Champion Author Houston Posts:8,511 Points:1,920,935 Joined:May 2007	Message Posted: Nov 22, 2012 11:17:55 PM Ignore Prodaddy Report Abuse We need to forget middle east oil and use U.S. oil
shari128 All-Star Author Iowa Posts:573 Points:877,915 Joined:Jun 2010	Message Posted: Nov 22, 2012 11:17:44 PM Ignore shari128 Report Abuse They need to go the opposite way. Down, way down!!
megadiesellv Champion Author Atlanta Posts:1,474 Points:503,585 Joined:Sep 2011	Message Posted: Nov 22, 2012 11:17:36 PM Ignore megadiesellv Report Abuse should be going down soon.
Spirits All-Star Author Florida Posts:911 Points:372,800 Joined:May 2008	Message Posted: Nov 22, 2012 11:14:51 PM Ignore Spirits Report Abuse There's always a reason to raise it.
HoBuddy2012 Sophomore Author Toronto Posts:161 Points:173,050 Joined:Oct 2012	Message Posted: Nov 22, 2012 11:13:30 PM Ignore HoBuddy2012 Report Abuse ok...
Bonito Champion Author Dayton Posts:15,906 Points:3,033,645 Joined:Jun 2004	Message Posted: Nov 22, 2012 11:10:20 PM Ignore Bonito Report Abuse MORE BULL! THE RICH FIX THE MARKET!
nigelb Champion Author Virginia Posts:8,587 Points:1,416,530 Joined:Feb 2008	Message Posted: Nov 22, 2012 11:10:15 PM Ignore nigelb Report Abuse Any excuse as ususal. This is why we need viable alternative energy!
Stevedog Champion Author Michigan Posts:3,983 Points:1,971,725 Joined:Jul 2006	Message Posted: Nov 22, 2012 11:09:08 PM Ignore Stevedog Report Abuse Who's responsible for the daily reasoning in crude oil price changes?