Oil Rises a Second Day on U.S. Supply Decline, Iran Tensions

[WhiteTara]

I love dueling headlines! :crazy:

http://www.bloomberg.com/apps/news?pid=20601087&sid=aTL8u7rm2eek&refer=home

Sept. 14 (Bloomberg) -- Oil rose for a second day after U.S. stockpiles fell more than expected and the State Department demanded sanctions on Iran.

The Energy Department said crude supplies dropped 0.9 percent to 327.7 million last week, more than forecast by analysts. A U.S. statement pushed the United Nations to impose sanctions on Iran, the world's fourth-largest oil supplier, for failing to suspend uranium enrichment. Oil has fallen 18 percent in two months.

``Yesterday's oil stats were bullish, so it was a good time to buy,'' said Naohiro Niimura, head of commodity sales and research for Mizuho Corporate Bank Ltd. in Tokyo. ``Everybody is tired of selling.''

Crude oil for October delivery rose as much as 59 cents, or 0.9 percent, to $64.56 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $64.36 at 11:31 a.m. in Singapore, 1.1 percent less than a year ago.

Oil has plunged since reaching a record $78.40 a barrel on July 14 on concern that fighting in Lebanon would spread through the Middle East, which supplies a third of the world's oil. Demand typically falls after in September as the end of the U.S. vacation season cuts gasoline use and before consumers buy heating oil for winter.

[az chela]

1. What a crock of shit this oil thing is.First we dont have enough

then we have a surplus and then we are short again.How stupid do they think we are???

[Purveyor]

2. Politically, I wish to see pump price gasoline at at least $3.00+

nationwide by election day, Novemeber.

[Tiggeroshii]

3. Not gonna happen.

It seems almost set up so as to not have high gas prices during an election. Maybe I'm wrong though.

[Kool Kitty]

4. Don't doubt it for a minute.

You're not wrong.

[radfringe]

5. dueling messages?

http://www.msnbc.msn.com/id/14819659

One thing that may help Republicans as the midterm elections approach is the declining cost of gasoline.

[mom cat]

6. Got to keep those prices up!