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Oil Rises as U.S. Consumer Confidence Improves

Bloomberg -- Oil rose for a fourth day on reports as U.S. consumer confidence improved, signaling the economy is recovering, and rising tension in the Middle East.

Futures capped a third weekly gain as the Thomson Reuters/University of Michigan consumer sentiment index beat expectations and the Conference Board’s leading economic indicators climbed more than forecast. Prices also gained as Hezbollah threatened to retaliate if Israel attacked Iran and security concern grew in Syria and Lebanon.

“The economic data are getting better,” said Jacob Correll, a Louisville, Kentucky-based analyst at Summit Energy Inc., which manages more than $20 billion in companies’ annual energy spending. “You have a lot of tension ratcheting up in the Middle East and oil’s been having a rally.”

“There is some

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Submitted Aug 19, 2012 By: bar1035

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ibhenry Champion Author San Diego Posts:1,536 Points:457,195 Joined:Jun 2011	Message Posted: Aug 20, 2012 9:10:52 AM Ignore ibhenry Report Abuse What a load of crap...
Night Owl Champion Author Toronto Posts:7,555 Points:1,787,575 Joined:Jul 2004	Message Posted: Aug 19, 2012 10:46:04 PM Ignore Night Owl Report Abuse Greedy oil speculators just can't stop themselves.
Van_Halen Champion Author Atlanta Posts:2,850 Points:641,980 Joined:Apr 2011	Message Posted: Aug 19, 2012 9:19:45 PM Ignore Van_Halen Report Abuse . Speculation has nothing to do with Oil prices. It adds $28 to the price of barrel and once that is added, speculation has absolutely nothing to do with the price. The current price of oil is due to the DOE, EPA, Obama, lack of domestic production, and lack of refineries. And where did they find the idiot that even remotely thinks that economic data are getting better. every economic indicator is lower then its been in three years!
A2J Champion Author Richmond Posts:3,075 Points:602,950 Joined:Aug 2011	Message Posted: Aug 19, 2012 8:40:45 PM Ignore A2J Report Abuse Crazy
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Aug 19, 2012 8:21:56 PM Ignore Agarre Report Abuse Too much speculations
nickatnite Veteran Author Indianapolis Posts:370 Points:278,715 Joined:May 2012	Message Posted: Aug 19, 2012 7:55:14 PM Ignore nickatnite Report Abuse ok
99church Champion Author Indiana Posts:1,821 Points:362,040 Joined:Oct 2011	Message Posted: Aug 19, 2012 6:30:45 PM Ignore 99church Report Abuse Tension has been ratcheting up in the middle east for 100's of years
ExplorerWA Champion Author Washington Posts:4,083 Points:797,250 Joined:Feb 2011	Message Posted: Aug 19, 2012 5:56:58 PM Ignore ExplorerWA Report Abuse Middle East tension...yeah but consumer confidence? The fluoride in the water must be getting to them
Billbop Champion Author St. Louis Posts:2,782 Points:1,449,940 Joined:Jun 2004	Message Posted: Aug 19, 2012 5:34:36 PM Ignore Billbop Report Abuse OPEC says their "sweet spot" on prices is $75.00 a barrel which means they'd settle for $50.00. The "electronic traders" who have ZERO use for oil are "speculating" the price should be higher. If that type of speculation was made illegal, prices would drop like a rock, but a certain political party would scream "too much government" if anyone tried it.
4warned Champion Author Michigan Posts:5,814 Points:2,163,835 Joined:Nov 2006	Message Posted: Aug 19, 2012 5:01:06 PM Ignore 4warned Report Abuse Oil does not need a reason to go up. They just like to make it look right.
stonecold5005 All-Star Author Waco Posts:817 Points:20,240 Joined:Mar 2012	Message Posted: Aug 19, 2012 4:51:11 PM Ignore stonecold5005 Report Abuse look out
Romey08 Champion Author Virginia Posts:6,311 Points:1,436,490 Joined:Apr 2008	Message Posted: Aug 19, 2012 4:48:14 PM Ignore Romey08 Report Abuse demand will be lower soon at the end of summer
my2002m Champion Author Tulsa Posts:6,074 Points:1,670,300 Joined:Jul 2008	Message Posted: Aug 19, 2012 4:48:00 PM Ignore my2002m Report Abuse Just what we need, higher prices.
preacherjohn Champion Author Modesto Posts:3,990 Points:1,919,760 Joined:May 2006	Message Posted: Aug 19, 2012 4:40:46 PM Ignore preacherjohn Report Abuse soo.oo
fishgaro Champion Author St. Louis Posts:1,494 Points:344,910 Joined:Apr 2012	Message Posted: Aug 19, 2012 4:40:18 PM Ignore fishgaro Report Abuse U.S. Consumer Confidence Improves because there hopely will be a change coming in November
Hangnail309 Champion Author Manitoba Posts:6,024 Points:1,677,180 Joined:Aug 2006	Message Posted: Aug 19, 2012 4:39:57 PM Ignore Hangnail309 Report Abuse The economy is recovering but the rising price of oil will counter that ...
JimL1 Champion Author Phoenix Posts:8,217 Points:1,242,270 Joined:Jul 2003	Message Posted: Aug 19, 2012 4:39:54 PM Ignore JimL1 Report Abuse Blah, blah, blah.
PTBpricer Champion Author Virginia Posts:1,509 Points:206,195 Joined:Jun 2012	Message Posted: Aug 19, 2012 4:34:33 PM Ignore PTBpricer Report Abuse Interesting article. BUT, THE WRONG HEADLINE.
CPGas1815 Champion Author Michigan Posts:6,027 Points:1,099,605 Joined:Apr 2008	Message Posted: Aug 19, 2012 4:34:04 PM Ignore CPGas1815 Report Abuse I do not know about you but I for one do not feel confident.
bigsranch Champion Author Houston Posts:3,151 Points:1,006,455 Joined:Apr 2007	Message Posted: Aug 19, 2012 4:33:44 PM Ignore bigsranch Report Abuse The consumer confidence numbers are cooked just liike the unemployment numbers. Obarry needs electoral votes, by hook or by crook.
skeeterbait Veteran Author Knoxville Posts:345 Points:247,550 Joined:May 2009	Message Posted: Aug 19, 2012 4:31:44 PM Ignore skeeterbait Report Abuse The economy is recovering, HUH. The price of oil continuing to increase will take care of that.
nimpy Champion Author Indianapolis Posts:8,140 Points:1,702,080 Joined:Oct 2007	Message Posted: Aug 19, 2012 4:30:48 PM Ignore nimpy Report Abuse I certainly agree singlemom27, oil and gas should be traded on the free market
TNT2EC Champion Author Wisconsin Posts:4,994 Points:1,513,585 Joined:Oct 2008	Message Posted: Aug 19, 2012 4:30:39 PM Ignore TNT2EC Report Abuse Prices go up, prices go down...no one seems to know what is going on.
singlemom27 Champion Author Ventura Posts:3,113 Points:640,185 Joined:Apr 2011	Message Posted: Aug 19, 2012 4:27:53 PM Ignore singlemom27 Report Abuse Speculation should be illegal
frugalking Champion Author Twin Cities Posts:1,067 Points:218,445 Joined:Mar 2010	Message Posted: Aug 19, 2012 4:23:14 PM Ignore frugalking Report Abuse I suspect that the cause is much more concern about tensions in the Middle East than confidence in our economy. For those of you living in a bubble...unemployment still sucks and things are expensive.
jimedB Veteran Author Riverside Posts:405 Points:79,515 Joined:Jun 2012	Message Posted: Aug 19, 2012 4:19:31 PM Ignore jimedB Report Abuse Any excuse to raise the price seems to do these days. What economic data are they using? The data I have seen shows such a small level of growth that it is basically flatlined. I ususlly refrain from commenting on others posts but cmsense sounds like it has been too long since his last vacation and could use some chill time. So much hatred.
petrpuck All-Star Author Hamilton Posts:559 Points:418,560 Joined:Nov 2011	Message Posted: Aug 19, 2012 4:18:55 PM Ignore petrpuck Report Abuse look out
DutchTreatMI Champion Author Grand Rapids Posts:3,310 Points:752,440 Joined:Mar 2011	Message Posted: Aug 19, 2012 4:16:20 PM Ignore DutchTreatMI Report Abuse I don't see U.S. Consumer Confidence so improved.
northerntruckgu Veteran Author Ontario Posts:495 Points:130,910 Joined:Nov 2011	Message Posted: Aug 19, 2012 4:15:34 PM Ignore northerntruckgu Report Abuse the trouble is the sepulators
eddyp94 Champion Author Ontario Posts:8,163 Points:1,660,835 Joined:Mar 2008	Message Posted: Aug 19, 2012 4:13:33 PM Ignore eddyp94 Report Abuse so what else is new...
Tenshot All-Star Author Quad Cities Posts:756 Points:1,776,470 Joined:May 2005	Message Posted: Aug 19, 2012 4:12:35 PM Ignore Tenshot Report Abuse Vicious circle
postcard9 All-Star Author Massachusetts Posts:883 Points:515,445 Joined:May 2011	Message Posted: Aug 19, 2012 4:10:25 PM Ignore postcard9 Report Abuse $3.72 here.
cmsense Champion Author Columbus Posts:1,358 Points:165,345 Joined:Jan 2012	Message Posted: Aug 19, 2012 4:10:23 PM Ignore cmsense Report Abuse Only a rube or hapless partisan hack would deny this country's improvement from where the Texas Village Idiot left it.It's the same old with conservative sheeple, listen to Fox Noise for talking points then line up on the fencerow and do their best magpie choir.What a bunch of asshats, their party ran the country into the cesspool then piss and moan that Obama isn't cleaning up their mess fast enough, while their teabaggers obstruct any and every move to rebound the economy.Republicans en masse should be voted out this Nov. for their treasonous behavior against working Americans.Their ONLY answer for this economy is more ass backward tax cuts for the top 1%'ers, and anyone gullible enough to buy into that trickle down nonsense has the sense of southern part of a north bound horse.
bigmace111 Champion Author Albany Posts:2,723 Points:614,600 Joined:May 2011	Message Posted: Aug 19, 2012 4:09:33 PM Ignore bigmace111 Report Abuse Big Oil is determined to be the only ones to make profits. Confidence rises for consumers, so Big Oil raises prices so that we can't afford to buy anything other than oil and gas.
milespergallon Champion Author Illinois Posts:9,749 Points:1,909,335 Joined:Feb 2007	Message Posted: Aug 19, 2012 4:07:44 PM Ignore milespergallon Report Abuse Confidence in what. Pure horse manure here!!!!!!!!!!!!!!
Blue48 Champion Author Illinois Posts:7,310 Points:1,638,920 Joined:Feb 2007	Message Posted: Aug 19, 2012 4:06:56 PM Ignore Blue48 Report Abuse UP..DOWN..UP..DOWN!
zantor Veteran Author San Bernardino Posts:258 Points:53,025 Joined:Jul 2012	Message Posted: Aug 19, 2012 4:06:48 PM Ignore zantor Report Abuse I don't get it. Why is it good if oil prices rise?
kelly1016 Champion Author Victoria Posts:1,953 Points:352,940 Joined:Oct 2011	Message Posted: Aug 19, 2012 4:06:20 PM Ignore kelly1016 Report Abuse Tomorrow will be a different story
THX138 Champion Author San Francisco Posts:2,560 Points:1,014,905 Joined:Apr 2010	Message Posted: Aug 19, 2012 4:03:41 PM Ignore THX138 Report Abuse Confidence? L O L ! How about need?
peapaw Champion Author Ohio Posts:4,041 Points:688,770 Joined:Jun 2011	Message Posted: Aug 19, 2012 4:00:32 PM Ignore peapaw Report Abuse Oh please!!
Zuman Champion Author New York Posts:6,164 Points:1,898,705 Joined:May 2005	Message Posted: Aug 19, 2012 3:59:38 PM Ignore Zuman Report Abuse JUST MORE BS.
VernonOR Champion Author Oregon Posts:2,915 Points:737,870 Joined:Aug 2010	Message Posted: Aug 19, 2012 3:59:31 PM Ignore VernonOR Report Abuse Confidence, you've got to be kidding, they must have sampled only Obama loyal test.
eye-spy Champion Author Quebec Posts:4,588 Points:2,417,845 Joined:Feb 2005	Message Posted: Aug 19, 2012 3:58:01 PM Ignore eye-spy Report Abuse I agree with "naiiawah". Posted at: 4:33:26pm
speedys Champion Author Utah Posts:7,017 Points:2,558,885 Joined:Nov 2005	Message Posted: Aug 19, 2012 3:57:23 PM Ignore speedys Report Abuse WHOSE CONFIDENCE HAS GONE UP?
30mpg80 Champion Author Lexington Posts:10,035 Points:1,487,855 Joined:Nov 2008	Message Posted: Aug 19, 2012 3:56:07 PM Ignore 30mpg80 Report Abuse STILL no curbs on oil speculation by the commodities commission, as ordered by Congress couple of years ago
too_darned_high Sophomore Author Indianapolis Posts:211 Points:337,585 Joined:Apr 2012	Message Posted: Aug 19, 2012 3:54:38 PM Ignore too_darned_high Report Abuse I'm confident that consumers will pay even more for a gallon of gasoline. That's MY consumer confidence, and no, it's not improving.
livedream Champion Author Michigan Posts:3,685 Points:755,060 Joined:Mar 2011	Message Posted: Aug 19, 2012 3:52:16 PM Ignore livedream Report Abuse I agree with naiiawah -- "Consumer confidence isn't doing anything of the sort. Profiteers manipulation is what is going on." Everyone is also exactly right about the Speculators being responsible for this.
Red7002011 Champion Author Mississippi Posts:3,332 Points:668,720 Joined:Jul 2011	Message Posted: Aug 19, 2012 3:50:13 PM Ignore Red7002011 Report Abuse Really!
BigZ1959 Champion Author Denver Posts:3,758 Points:1,463,225 Joined:Oct 2008	Message Posted: Aug 19, 2012 3:50:02 PM Ignore BigZ1959 Report Abuse up
jcdakota Champion Author Baltimore Posts:1,347 Points:361,345 Joined:Nov 2010	Message Posted: Aug 19, 2012 3:49:47 PM Ignore jcdakota Report Abuse So the rich get richer while the rest of us pay through the nose....