Crude rises above $109; OPEC comments cited

[UpInArms]

Source: CBSMarketwatch

SAN FRANCISCO (MarketWatch) -- Crude-oil futures rallied nearly $3 a barrel Monday, moving back above the $109 mark, as comments made by a senior Organization of Petroleum Exporting Countries official indicated the cartel won't raise production.

Other commodities were also on the rise, in line with market expectations that the U.S. Federal Reserve will cut interest rates again to rescue the economy after Friday's disappointing U.S. employment data.

Crude for May delivery added $2.86, or 2.7%, to $109.09 a barrel on the New York Mercantile Exchange. It rose to an intraday high of $109.48 earlier.

Late Sunday, OPEC Secretary General Abdullah al-Badri was quoted as saying that "there is enough oil in the market and no need to change OPEC's output," according to Dow Jones Newswires.

He added that it was "unlikely" that OPEC would hold an extraordinary meeting before its next scheduled gathering in September. OPEC accounts for about 40% of the world's oil production.

Read more: http://www.marketwatch.com/news/story/crude-gains-nearly-3-other/story.aspx?guid=%7B5CCC5C49%2DA27F%2D4C1B%2D8B43%2D2E64D27EA66E%7D&dist=msr_3

[whistle]

1. Crudes still costs less than $1.00 per barrel at the well-head while Saudi princes receive only

...$2.00 per barrel in royalties.

Who is getting the other $106.09 per barrel?

Oil companies through a labyrinth of insider trading, collusion, speculator front buyers and other phantom partners which violates anti-trust laws. It is all a huge fraud and American consumers are getting the shaft.

[Demeter]

4. And Yet Margins Are So Small that Refineries Are Cutting Back Production!

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3259519&mesg_id=3259523

[superconnected]

2. Mission accomplised.

:puke:

[texasleo]

3. look here