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Oil Set for Best Monthly Advance Since October on Recovery Signs, Iran

Bloomberg -- Oil rose, heading for its best month in New York since October, amid signs of economic recovery and concern that tension with Iran threatens global crude supplies.

West Texas Intermediate futures climbed as much as 0.8 percent after sliding yesterday the most in five weeks. Industrial output in Japan and South Korea beat estimates and U.S. consumer confidence rose to the highest level in a year. Oil has advanced 8.6 percent in February, its first monthly gain in three, as sanctions tighten against Iran, OPEC’s second- biggest producer.

“Oil prices will run up further as U.S. economic data remains supportive, and Iran and Syria continue to give cause for supply-side worries,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London, who earlier this month correctly

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Submitted Feb 29, 2012 By: WxVette

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REPLIES (newest first)Ignore Short Messages

Eliano Champion Author Baltimore Posts:1,412 Points:388,100 Joined:Jun 2011	Message Posted: Mar 1, 2012 4:27:34 AM Ignore Eliano Report Abuse no recovery yet
FPLREP Champion Author Virginia Posts:8,261 Points:2,448,250 Joined:Oct 2005	Message Posted: Feb 29, 2012 8:36:11 AM Ignore FPLREP Report Abuse Almost sounds like they are proud that the price is up.
Night Owl Champion Author Toronto Posts:7,555 Points:1,787,575 Joined:Jul 2004	Message Posted: Feb 29, 2012 6:59:47 AM Ignore Night Owl Report Abuse Greedy Wall Street oil speculators are alive and well.
vmholladay Champion Author Reading Posts:2,474 Points:662,720 Joined:Apr 2011	Message Posted: Feb 29, 2012 6:22:17 AM Ignore vmholladay Report Abuse ?
wrunner Champion Author Virginia Posts:4,445 Points:1,136,585 Joined:Dec 2009	Message Posted: Feb 29, 2012 6:21:35 AM Ignore wrunner Report Abuse Oil sets best advance due to FEAR!
albert2008 Champion Author Winnipeg Posts:7,352 Points:1,481,010 Joined:Sep 2008	Message Posted: Feb 29, 2012 6:17:01 AM Ignore albert2008 Report Abuse the merry go round continues
carnifolks Veteran Author New Jersey Posts:354 Points:357,560 Joined:Sep 2006	Message Posted: Feb 29, 2012 6:10:14 AM Ignore carnifolks Report Abuse High oil and gas will stall this economy
dorisntx Champion Author Fort Worth Posts:2,079 Points:645,855 Joined:Apr 2011	Message Posted: Feb 29, 2012 6:04:12 AM Ignore dorisntx Report Abuse ok
grandpadon28110 Champion Author Charlotte Posts:4,716 Points:1,142,310 Joined:Sep 2008	Message Posted: Feb 29, 2012 5:49:41 AM Ignore grandpadon28110 Report Abuse Drill drill drill.
dgerst Champion Author South Carolina Posts:2,708 Points:556,025 Joined:Aug 2008	Message Posted: Feb 29, 2012 5:39:08 AM Ignore dgerst Report Abuse If you are an owner of big oil you might call it the best month, however if you are a consumer like most everyone, you'd probably call it the worst month. This article must have been written for fat cats.
BurntOrange Champion Author Austin Posts:8,727 Points:1,583,015 Joined:Nov 2007	Message Posted: Feb 29, 2012 5:31:52 AM Ignore BurntOrange Report Abuse I suppose it depends on your definition of "best".