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Oil extends gains after OPEC lifts demand forecast

AP via Yahoo! Finance -- The price of oil rose slightly Wednesday, adding to gains a day after OPEC upgraded its forecast for global crude demand.

Benchmark oil for March delivery was up 8 cents to $97.59 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract rose 48 cents to finish at $97.51 per barrel on the Nymex on Tuesday after OPEC raised its 2013 forecast for global oil demand to 89.7 million barrels. That's 80,000 barrels more than its previous forecast a month ago.

The Vienna-based organization comprising many of the world's key oil exporters cited "some signs of recovery in the global economy and colder weather at the start of this year."

Traders were looking to the U.S. later in the day for the release of January retail sales figures ...

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Submitted Feb 13, 2013 By: brbaritone

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Rajah Champion Author Illinois Posts:7,553 Points:2,302,945 Joined:Jul 2005	Message Posted: Feb 14, 2013 9:47:32 PM Ignore Rajah Report Abuse Please get the speculator hedge funds out of this commodity market. They are raising prices without adding any value. Make it such that buying oil means taking physical delivery of it. There are no tank farms on Wall street. Oil should be sold directly to the refiners with no middle men.
dylan126 Champion Author Cleveland Posts:4,410 Points:591,870 Joined:Sep 2011	Message Posted: Feb 14, 2013 2:36:39 PM Ignore dylan126 Report Abuse prices still higher
jrs4125 Champion Author Indiana Posts:2,738 Points:587,745 Joined:Sep 2011	Message Posted: Feb 14, 2013 6:25:54 AM Ignore jrs4125 Report Abuse Will it matter at the pump?
scorpiogg Sophomore Author Modesto Posts:248 Points:156,350 Joined:Nov 2012	Message Posted: Feb 14, 2013 1:08:30 AM Ignore scorpiogg Report Abuse crap
rahcat Champion Author Grand Rapids Posts:2,448 Points:658,950 Joined:Jan 2010	Message Posted: Feb 13, 2013 11:16:04 PM Ignore rahcat Report Abuse Just getting so tired of this crap.
clermont40miles Champion Author Cincinnati Posts:10,543 Points:1,767,935 Joined:Apr 2008	Message Posted: Feb 13, 2013 10:59:56 PM Ignore clermont40miles Report Abuse The legal thievery continues apace.
billwho All-Star Author El Paso Posts:503 Points:249,570 Joined:Jan 2010	Message Posted: Feb 13, 2013 10:57:28 PM Ignore billwho Report Abuse "They" can watch us all they want. Sure "they" wont learn much. They should be looking in their own backyard and so should we.
mcmonsta Champion Author Honolulu Posts:3,212 Points:814,770 Joined:Sep 2009	Message Posted: Feb 13, 2013 10:50:17 PM Ignore mcmonsta Report Abuse OPEC still alive and kicking our carcasses at the pump
furiousfowl Champion Author Riverside Posts:16,835 Points:2,745,180 Joined:May 2005	Message Posted: Feb 13, 2013 10:35:05 PM Ignore furiousfowl Report Abuse higher and higher we go, where it stops, nobody knows
TheSnowstorm Champion Author Montreal Posts:8,609 Points:1,910,230 Joined:June 2005	Message Posted: Feb 13, 2013 10:34:53 PM Ignore TheSnowstorm Report Abuse Forecasts can and often are wrong. But in the case of crude and other energy commodities, forecast mean squat to the speculators; they will use any excuse or factoid to run up the prices. What do hey care, they don't have to take delivery on the buys.
drz614 Champion Author Harrisburg Posts:2,279 Points:594,370 Joined:Aug 2011	Message Posted: Feb 13, 2013 10:33:53 PM Ignore drz614 Report Abuse bad policies just getting worse. agree w/ snagged 100 percent
mstearno Champion Author Dayton Posts:8,043 Points:1,727,235 Joined:Jan 2008	Message Posted: Feb 13, 2013 10:27:53 PM Ignore mstearno Report Abuse he only way to pull the plug on them is become energy producers of all kinds
snagged Veteran Author Akron Posts:396 Points:110,130 Joined:Oct 2012	Message Posted: Feb 13, 2013 10:25:11 PM Ignore snagged Report Abuse Just the beginning. Soon it will be $150,$200,$250. You'll will be shocked. Why? Print, Print, Print. The Fed's only solution.
Zeke33 Champion Author New Hampshire Posts:5,559 Points:1,613,455 Joined:Sep 2005	Message Posted: Feb 13, 2013 10:23:16 PM Ignore Zeke33 Report Abuse OPEC is run by a bunch of hotheads.
wayoung56 Champion Author Alabama Posts:2,780 Points:814,335 Joined:Oct 2006	Message Posted: Feb 13, 2013 10:22:27 PM Ignore wayoung56 Report Abuse Just more bad news for consumers...
tco9436 Champion Author Connecticut Posts:1,767 Points:718,950 Joined:Mar 2010	Message Posted: Feb 13, 2013 10:18:37 PM Ignore tco9436 Report Abuse Ok
vibdata Champion Author Massachusetts Posts:4,074 Points:846,275 Joined:Nov 2005	Message Posted: Feb 13, 2013 10:16:20 PM Ignore vibdata Report Abuse This article was written to fuel the BIG OIL demands for higher prices. Not OPEC's. Just BIG OIL.
D4444J Champion Author Albuquerque Posts:1,818 Points:584,880 Joined:Aug 2011	Message Posted: Feb 13, 2013 10:15:49 PM Ignore D4444J Report Abuse OPEC is crazy greedy!
BREW9 All-Star Author Tampa Posts:861 Points:2,907,980 Joined:Jun 2004	Message Posted: Feb 13, 2013 10:14:46 PM Ignore BREW9 Report Abuse keep drilling
jorod55 Champion Author California Posts:1,455 Points:427,725 Joined:Dec 2011	Message Posted: Feb 13, 2013 10:13:34 PM Ignore jorod55 Report Abuse And for your excuse of the day... And pump prices set to go through the roof.
cwashi3324 Champion Author Cincinnati Posts:2,786 Points:570,265 Joined:May 2009	Message Posted: Feb 13, 2013 10:11:45 PM Ignore cwashi3324 Report Abuse Opec makes me sick!
SavALot Champion Author Virginia Beach Posts:8,454 Points:1,707,685 Joined:Apr 2005	Message Posted: Feb 13, 2013 10:11:26 PM Ignore SavALot Report Abuse need to see something positive come out of this
Z51Corvette Champion Author Austin Posts:8,469 Points:1,667,400 Joined:Jan 2008	Message Posted: Feb 13, 2013 10:10:01 PM Ignore Z51Corvette Report Abuse Time to pull the plug on OPEC!
us4usa Champion Author Missouri Posts:5,976 Points:1,108,585 Joined:May 2008	Message Posted: Feb 13, 2013 10:08:52 PM Ignore us4usa Report Abuse The fastest way to slow the economy is with higher gas prices...
scubadaniel Champion Author Dayton Posts:1,401 Points:688,170 Joined:Jan 2011	Message Posted: Feb 13, 2013 10:06:14 PM Ignore scubadaniel Report Abuse That's why the price jumped $.35 yesterday.
suzmar Champion Author Texas Posts:2,208 Points:869,060 Joined:Jun 2006	Message Posted: Feb 13, 2013 10:03:59 PM Ignore suzmar Report Abuse Let's see and another one of the news stories said that oil reserves stand at record highs.
pgerassi Champion Author Milwaukee Posts:10,876 Points:2,127,605 Joined:Apr 2007	Message Posted: Feb 13, 2013 10:01:49 PM Ignore pgerassi Report Abuse More baloney from OPEC.
naspa Champion Author Cleveland Posts:1,250 Points:348,150 Joined:Jan 2012	Message Posted: Feb 13, 2013 10:01:24 PM Ignore naspa Report Abuse I don't care anyway; I have to pump gas either cheap or expensive.
EXTREMESNOW Champion Author Medford Posts:8,905 Points:1,820,465 Joined:Jul 2006	Message Posted: Feb 13, 2013 10:00:08 PM Ignore EXTREMESNOW Report Abuse ok
DrGasPain Veteran Author Dallas Posts:362 Points:455,200 Joined:Mar 2011	Message Posted: Feb 13, 2013 9:59:46 PM Ignore DrGasPain Report Abuse Drill, drill, drill
blazerbob91 Champion Author Milwaukee Posts:6,125 Points:1,879,670 Joined:Aug 2005	Message Posted: Feb 13, 2013 9:59:04 PM Ignore blazerbob91 Report Abuse OPEDC doesn't affect prices anymoare
sickhp Champion Author San Antonio Posts:1,354 Points:512,905 Joined:Sep 2011	Message Posted: Feb 13, 2013 9:57:15 PM Ignore sickhp Report Abuse Drill baby drill in all of America and tell OPEC to go pound sand.
NorthglennBill Champion Author Denver Posts:7,417 Points:1,468,620 Joined:Oct 2008	Message Posted: Feb 13, 2013 9:55:08 PM Ignore NorthglennBill Report Abuse Any old excuse.....
porotito Champion Author Houston Posts:2,135 Points:576,660 Joined:Dec 2010	Message Posted: Feb 13, 2013 9:54:17 PM Ignore porotito Report Abuse More domestic supply won't drop prices...looks like no one knows the reality of gas prices.
smoketown Champion Author Cincinnati Posts:6,211 Points:1,377,875 Joined:Feb 2008	Message Posted: Feb 13, 2013 9:53:36 PM Ignore smoketown Report Abuse Time to stop exporting our oil of this country.
checkitnow Champion Author Atlanta Posts:2,016 Points:567,570 Joined:Aug 2010	Message Posted: Feb 13, 2013 9:50:15 PM Ignore checkitnow Report Abuse more domestic supply is the answer
paulydel Champion Author Delaware Posts:8,769 Points:846,150 Joined:Jan 2008	Message Posted: Feb 13, 2013 9:44:49 PM Ignore paulydel Report Abuse We just continue to get screwed and it won't get better in the near future either.
iamforiu Champion Author Indiana Posts:3,550 Points:707,515 Joined:May 2011	Message Posted: Feb 13, 2013 9:41:12 PM Ignore iamforiu Report Abuse hmmmm
Tralp All-Star Author North Carolina Posts:787 Points:186,695 Joined:Oct 2012	Message Posted: Feb 13, 2013 9:37:20 PM Ignore Tralp Report Abuse Gas prices are BS. all oil companies should be penalized by giving us gas for nothing for there overcharging.
Lizzylou Champion Author Stockton Posts:8,818 Points:2,357,285 Joined:Oct 2005	Message Posted: Feb 13, 2013 9:33:18 PM Ignore Lizzylou Report Abuse NOT GOOD!! Prices are at $3.99 already!
dasimon All-Star Author Florida Posts:556 Points:573,050 Joined:Mar 2011	Message Posted: Feb 13, 2013 9:32:25 PM Ignore dasimon Report Abuse BS
Chris46 Champion Author Dayton Posts:23,635 Points:2,077,565 Joined:Sep 2005	Message Posted: Feb 13, 2013 9:31:07 PM Ignore Chris46 Report Abuse More reasons for gas prices to go up
walkingtall Champion Author Toronto Posts:3,974 Points:1,116,705 Joined:Nov 2004	Message Posted: Feb 13, 2013 9:27:51 PM Ignore walkingtall Report Abuse Which translate into increase at the pumps.
abcdMA Champion Author Worcester Posts:7,902 Points:1,570,980 Joined:Nov 2008	Message Posted: Feb 13, 2013 9:23:20 PM Ignore abcdMA Report Abuse higher oil prices will mean higher gas prices which means less consumer cash which means less spending which means economic retraction which means recession
Is246 Champion Author Albuquerque Posts:1,007 Points:425,045 Joined:Apr 2011	Message Posted: Feb 13, 2013 9:22:46 PM Ignore Is246 Report Abuse Why are we letting OPEC decide demand???
nwsynthetics Champion Author Oregon Posts:1,009 Points:344,250 Joined:Dec 2011	Message Posted: Feb 13, 2013 9:22:30 PM Ignore nwsynthetics Report Abuse ok
gknee09 All-Star Author Philadelphia Posts:980 Points:820,065 Joined:Jul 2009	Message Posted: Feb 13, 2013 9:21:16 PM Ignore gknee09 Report Abuse which translates into an increase of what at the pump?
76chevy Champion Author Toledo Posts:3,980 Points:768,990 Joined:Jun 2010	Message Posted: Feb 13, 2013 9:19:56 PM Ignore 76chevy Report Abuse Why not kill any recovery with higher energy prices?!
billy44bo Champion Author Mobile Posts:7,188 Points:1,486,890 Joined:Feb 2008	Message Posted: Feb 13, 2013 9:18:33 PM Ignore billy44bo Report Abuse I am with you Tonypsu
ericbcire Champion Author Nevada Posts:4,500 Points:1,263,485 Joined:Aug 2009	Message Posted: Feb 13, 2013 9:18:26 PM Ignore ericbcire Report Abuse Prices must drop or the economy will worsen.