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Oil Jumps As Opec Talks Fail, Eyes Saudi Solo Hike

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http://uk.reuters.com/article/2011/06/08/uk-markets-oil-idUKTRE75734520110608

Oil prices jumped on Wednesday after OPEC failed to reach a deal to increase output, raising fears of supply shortages later this year that could fuel a further price rally, imperilling the economic recovery.

After several hours, the Organisation of the Petroleum Exporting Countries' talks broke down as Saudi Arabia failed to convince other members to lift production, as had been expected since last week. However, further gains in the oil prices were limited by expectations that the world's top exporter would unilaterally boost output anyway.

In Vienna, OPEC officials said they hoped the group would meet again in three months time after what Saudi Oil Minister Ali al-Naimi described as "one of the worst meetings...ever".

"It came as a surprise. It is bullish for prices. If you look at demand, it will be very robust in the next months and there is a big need for extra OPEC oil," said Amrita Sen from Barclays Capital.

"It will be important to see if the Saudis are willing to supply more, it will matter a lot. Otherwise the market will be very tight," she said.

At least the speculators will get to push the price even higher especially with free Fed money.

Still at least we won't have another oil price shock like in the 70's.

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Go for it! I think we may see some more redundancies and repossessions if petrol creeps above £2 per liter.

The price will not hold up forever but will go high enough to cause more damage. One problem with oil price rises is the private sector that picks up the bill.

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Go for it! I think we may see some more redundancies and repossessions if petrol creeps above £2 per liter.

The price will not hold up forever but will go high enough to cause more damage. One problem with oil price rises is the private sector that picks up the bill.

Private sector picks up the bill for everything eventually.

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STOCKS FALL, FINANCIALS MAULED, OPEC DIES: Here's What You Need To Know

If you just glanced at the Dow, you'd have no appreciation of what kind of day it was.

But first, the scoreboard:

Dow: -20.25

NASDAQ: -25.39

S&P 500: -5.24

And now the top stories:

Read more: http://www.businessinsider.com/closing-bell-june-8-2011-6#ixzz1OilpaYH6

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Saudi Arabia is just lying about its ability to raise export output. Watch the oil price soar.

I don't think there's any doubt that we're on the bumpy plateau right now. To me it's looking that peak oil is less a theory and is now reality.

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I don't think there's any doubt that we're on the bumpy plateau right now. To me it's looking that peak oil is less a theory and is now reality.

.....

Read a bit more.

Peak cheap oil came and went years ago. Oil will be around for years, centuries to come, it will just not be at the price we have gotten used to.

The Saudis are burning oil to make water. At something like $7 a barrel. Plug that into your world view.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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