US oil settles at $49.63 a barrel; up more than 8% for the week

B00Mer

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US oil settles at $49.63 a barrel; up more than 8% for the week

Crude prices swung back and forth in choppy trade on Friday as traders closed positions at the end of a week that saw prices briefly rising by the most in over six years earlier in the session.
Market participants flipflopped between the negative fundamentals of persistent oversupply and support factors from Syria-related concerns and a weaker U.S. dollar.

"Prices are moving on profit-taking before the weekend. There is also a partial holiday in the U.S. on Monday," Commerzbank analyst Carsten Fritsch said, referring to the U.S. Columbus Day holiday.

Earlier in the session, Brent was on track to notch its highest weekly percentage gain since 2009, but some traders said the sharp rise was overblown, prompting speculators to take profits.

Brent, the global benchmark, was down 45 cents at $52.60 a barrel, during a volatile session that saw the contract touch an intraday high of $54.05.

U.S. crude settled up 20 cents, at $49.63 a barrel — rising more than 8 percent for the week.



Baker Hughes reported Friday that U.S. energy firms cut oil rigs for a sixth week in a row, the longest streak since June, a sign low prices continued to keep drillers away from the well pad.

Drillers took a net nine rigs out of U.S. oilfields in the previous week, bringing the total to 605, according to Baker Hughes. At this time last year, producers had 1,609 rigs in operation.

The momentum had been more bullish earlier in the session after the U.S. central bank's meeting minutes on Thursday showed more policymakers than expected had agreed to keep the first interest rate hike in a decade on hold.

"The market is taking a pause here. After the move to almost $51, if it actually settles down in a day, it's a little bearish and might be turning to lower prices next week," said Kyle Cooper, analyst at IAF Advisors in Houston.

The U.S. House of Representatives passed a bill on Friday to overturn the 40-year-old ban on oil exports, but the measure did not get enough support to overturn any veto by President Barack Obama, and similar legislation in the Senate faces an uphill battle.

In the Middle East, an Iranian Revolutionary Guards general was killed near Aleppo, where he was advising the Syrian army.

source:: Oil choppy on profit-taking; set for 8% weekly gain

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mentalfloss

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This is like when Loc posts the one poll showing the Conservatives in a 'huge' lead.

It's a seldom occurrence but it makes it sound like a shift in trends.
 

B00Mer

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This is like when Loc posts the one poll showing the Conservatives in a 'huge' lead.

It's a seldom occurrence but it makes it sound like a shift in trends.


Conservatives leading nationally while NDP losing ground: poll

The Conservative Party appears to have pulled ahead of the Liberals by a substantial margin when looking at support nationally, according to a new poll released Tuesday.
The Mainstreet Research/ Postmedia poll, conducted on Sept. 30 and Oct. 1, shows the Conservatives with 37 per cent support across the country compared to 29 per cent support for the Liberal Party. The NDP trailed both parties by a significant margin with 24 per cent support among decided and leaning voters.

“The national stalemate that dominated the vast majority of this election campaign appears to be at an end,” Quito Maggi, president of Mainstreet Research, said in a statement accompanying the poll.

“In recent weeks we have looked at some regions and provinces and those results seemed to point to a significant decrease in support for the NDP and a rise for both the Conservatives and Liberals. When we look across the national picture, we find these regional gains have favoured the Conservatives.”

In British Columbia, the NDP appear to be trailing both the Conservatives and Liberals, despite earlier polls that pointed to a big NDP lead in the province.
“British Columbia will be home to the most close three way races we can expect to see on October 19th,” Maggi added.

The NDP, according to the poll, are also facing some bad news in Ontario, where the party has fallen well behind the Conservatives and Liberals.

Liberal support has stayed strong in Atlantic Canada and Quebec now looks to be a four-way race between the NDP, Bloc, Liberals and Conservatives.

The vote in Quebec is the most volatile of any across Canada and it will be hard to get a clear picture of ballot results until just days before the election. The only thing that is clear, is that the NDP stranglehold on support they enjoyed for most of this campaign has been reduced significantly,” Maggi said.

While the Conservatives will likely hold on to most seats in Alberta, Maggi says some interesting races are shaping up in Calgary and Edmonton.

“The NDP surge that began with a victory for Rachel Notley's NDP here may have come to an end, but there are still pockets of strength in Edmonton. Expect both the Liberals and the NDP to make gains in Alberta,” the pollster added.

The Mainstreet poll, which surveyed a random sample of 5,197 Canadians, is considered accurate plus or minus 1.36 per cent, 19 times out of 20.

SOURCE: Conservatives leading nationally while NDP losing ground: poll | CP24.com

 

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
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Like I said.

You're just like Loc.

The trend right now is that Shiny Pony is in the lead.

Not that I'd vote for him but why the need to lie when it can be so easily dismantled.

Just be a good person and tell the truth.
 

captain morgan

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Mar 28, 2009
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Like I said.

You're just like Loc.

The trend right now is that Shiny Pony is in the lead.

Not that I'd vote for him but why the need to lie when it can be so easily dismantled.

Just be a good person and tell the truth.


I can sense the quiver in your voice and trembling bottom lip all the way across the interwebs.

... Gonna be a blue Christmas for tay and Flossy.
 

captain morgan

Hall of Fame Member
Mar 28, 2009
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Oh wow

Good one Boomer haha

The fact that you didn't click that link makes this even funnier!


Awww, just look how sad Elvis is



Didn't click that embarrassing link did you Boom Boom.

The intraday price is still very strong considering that WTI had dipped below $40.

Today's price is still almost 20% higher than it was just a few short weeks ago.

20% in a few weeks is huge Flossy, most commodities take a couple of years to see that kind of strong movement