Oil Rise Comes from Variety of Factors

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Oil prices climbed for the third day in a row to nearly $47 a barrel due to a variety of reasons.

For one thing, disruptions caused by North Sea storms have played a significant role. There is also the probability of OPEC making further production cuts.

The forecast for cold weather in the Eastern U.S. and increasing demand for fuel are likely also heavy factors. Pre-election violence in Iraq certainly does not help things either.

Here are some quotes from around the news concerning these issues:

“The market is getting a boost from the coming extreme cold, although the forecasts have been moderated,” says Michael Fitzpatrick, VP of energy risk management at Fimat USA in New York. “The attacks in Iraq will build to a fever pitch before the election.”‘

“Prices will go up because we are going into 2005 with lower OPEC production,” said Jason Schenker, an analyst with Wachovia Corp. in Charlotte. “Economic growth is boosting energy demand.”

“Prices are stronger due to possible (platform) damage in the North sea,” said GNI-Man Financial trader Robert Laughlin.

“We had the worst winds on record last night (Tuesday) in the North sea, so we are waiting to see if there is more substantial damage.”

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Oil Rise Comes from Variety of Factors
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