Oil jumps $4 on Fed, supplies to over 94 dollars
 

NEW YORK (CNNMoney.com) -- Oil prices set a new record high Wednesday, jumping over $4 on an expected interest rate cut from the Federal Reserve and dwindling supplies in the United States. :mad: :mad:

U.S. light crude for December delivery jumped $4.15 to settle at a new record of $94.53 a barrel on the New York Mercantile Exchange, topping Monday's record close of $93.80 a barrel. Prices rose as high as $94.74 in intraday trade, surpassing crude's all-time record trading high of $93.80 a barrel, also set Monday.
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Oil prices jumped over $4 Wednesday, setting a new record.
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The Fed cut its key funds rate by a quarter percentage point Wednesday. The move, which will effect the amount both consumers and business have to pay to borrow money, was expected and traders said most of the quarter point cut was already priced into oil.

Oil prices initially retreated to trade below $94 a barrel just after the late-day interest rate news.
A rate cut also pushes down the dollar, in which oil is priced. A falling dollar makes oil cheaper for foreign consumers and means oil producing countries have less incentive to raise production, both of which are bullish for oil prices.

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Hellll Yeaaaaaah! hopefully gas will start going up. ;-)

gas going up dollar going down usa going to shit.

????? ................

30% of my portfolio in oil stocks. Need a bigger crack spread though cuz I have some refiners too and the spread has been decreasing all year. See http://en.wikipedia.org/wiki/Crack_spread

it already did the day bush got elected as the president.
the moment he will leave thing will get better and you can take that to the bank :thumbsup

dayammmmmmmmmmm

:(:(:( Armageddon? Apocalypse? Roswell aliens taking over the US? Majestic 12? :(

WHATS GOING ON ?

http://img61.imageshack.us/img61/7530/darkskies1ul1.jpg

better than asking people not to buy gas. Everyone in the country should just NOT GO TO WORK...