Ipunter,

It is bad to call ppl names. Each of us see things in a different way and it is not wrong to each following their own way of seeing things and there is no room for you to call name as well.

"The market is neutral... it cares not for anyone's stubborness and stupidity..."

Respect others to respect yourself...if you think you are that clever, you wont be here discussing and seeking opinion...

Hope you are correct and keep your $$ tight...... When U turn, those clever and follower will be the 1st to get hit. Hope you aint the one...lol...

iPunter      ( Date: 25-Jul-2009 07:04) Posted: Stubborn opinion has no place in the markets...  The market is neutral... it cares not for anyone's stubborness and stupidity... Irrationality is it's strength and forte... go with the flow! ________________________________________________________________________________ For heaven's sake, borrow a copy of "The Genie Tutorials" and learn the ropes.

Oil prices surge on hints of US recovery
Posted: 24 July 2009 0409 hrs

	Photos 1 of 1 A view of the Tawke oil field and plant that is linked with the Jihan Turkish pipeline in Zakho, 400km north of Baghdad.

NEW YORK: Oil prices surged on Thursday as a Wall Street stocks rally and rising US home sales fuelled optimism that the world's biggest economy may be pulling out of its nosedive.

New York's main futures contract, light sweet crude for September, leapt 1.76 dollars to close at 67.16 dollars a barrel.

In London, Brent North Sea crude for September delivery spiked 2.04 dollars higher to settle at 69.25 dollars.

A stronger-than expected report on US home sales helped provide a catalyst for the market, spurring hopes of an economic rebound, said Bart Melek, an analyst at BMO Capital Markets.

US existing home sales rose for the third consecutive month in June, the National Association of Realtors reported.

"Housing may no longer be the weakest link," said Joel Naroff of Naroff Economic Advisors.

"Three consecutive months of rising sales provides hope that an upward trend is actually underway," he said.

A recovery in the collapsed housing market is considered key to a recovery from a steep recession in the world's largest energy consumer, and consequently to a rise in oil demand.

The data helped fuel a rally on Wall Street, pushing the blue-chip Dow Jones Industrial Average more than 2.0 percent higher and above the 9,000-point threshold for the first time since January.

"We've had good economic data recently. That means demand is likely to get better," said Melek.

The New York futures contract also found support in a steep rise in gasoline prices on Thursday.

"Gasoline has become better because of refinery run cuts, so there's less supply," the analyst said.

An increase in US oil product inventories, shown in the government's weekly energy reports recently, had been weighing on prices.

In its latest report, the Department of Energy on Wednesday reported a rise of 1.8 million barrels in distillates, such as diesel and heating fuel, and an increase of 800,000 barrels in gasoline.

US distillate inventories were at their highest levels in 24 years while gasoline stockpiles almost reached a 10-year high. - AFP/de