Crude oil futures rose above $114 a barrel on Monday, lifted by worries that a Tropical Storm could suspend U.S. oil production and hints of another round of monetary stimulus by the U.S. Federal Reserve.
Supply cuts have already played a role in pushing prices up nearly 30 percent since June with international sanctions hitting Iranian exports and maintenance affecting North Sea oil flows.
Brent crude futures were up $1.04 at $114.63 a barrel by 1022 GMT. U.S. crude was up $1.0 at $97.20.
Tropical Storm Isaac swirled into the Gulf of Mexico on Monday and meteorologists at Weather Insight, an arm of Thomson Reuters, predict the storm will spur short-term shutdowns of 85 percent of the U.S. offshore oil production capacity. “The storm is probably helping but there’s better sentiment generally. Everybody is waiting to see if Jackson Hole will be a turning point for commodities,” said Eugen Weinberg, global head of commodities research at Commerzbank.
Central bankers and economists are due to meet in Jackson Hole, Wyoming later this week where Fed Chairman Ben Bernanke will deliver a speech that will be scoured for clues on a third round of quantitative easing.
Photo Credit: NWFBlogs (Creative Commons)
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While Barack Obama turns his head, Russia is preparing for a new Naval Base in Cuba if Barack gets re-elected. This part of the “Flexibility” statement made months ago to then Russian Prime Minister Dimitri Medvedev.
http://www.breitbart.com/Big-Peace/2012/07/29/Obama-Looks-The-Other-Way-As-Russia-Plans-Naval-Base-in-Cuba
Have you wondered why Obuma stopped the Keystone Pipeline. This is it! Have you wondered why Obuma’s old haunt, Chicago, has the highest sales tax and gasoline prices in the country? Even the millions of people who depend on a government hand-out, the 43% who never pay any income tax, but get a “tax refund” should be able to see the light. Listen up you Obuma supporters! Have you looked at Cuba? That is where we are headed. Have you compared North & South Korea? North Korea is where Obuma is trying to take our country. South Korea, a freedom loving people who are allowed to invest as they please and build their own businesses, a country where anyone can work hard and build a future, is where Romney will take us. I like living in a free country where I can earn my living, not take the crumbs from a dictator’s table.