Oil Near One-Week Low in New York; Set for Weekly Decline

[NJMaverick]

Quote:Oil rebounded from the lowest close in seven days in New York, paring a weekly decline, on speculation a strengthening U.S. economy will increase demand for crude.
Futures advanced as much as 0.8 percent after falling 1.8 percent yesterday. The number of Americans saying the U.S. economy is improving climbed to the highest level since 2004, a survey showed yesterday. The International Energy Agency said it isn’t planning a release of emergency oil stockpiles. Prices fell this week after reports showed bigger-than-predicted manufacturing contractions in Europe and China.
“The economic situation is coming more into focus,” said Gerrit Zambo, a trader at Bayerische Landesbank in Munich. “The Chinese numbers put a lot of pressure on the markets this week, while better-than-expected U.S. jobless figures kept oil supported.”
Oil for May delivery rose as much as 82 cents to $106.17 a barrel on the New York Mercantile Exchange and was at $105.59 at 12:14 p.m. London time. It slid $1.92 yesterday to $105.35, the lowest close since March 15, and is down 1.4 percent this week.

http://www.bloomberg.com/news/2012-03-22...cline.html

[jaxx]

To me it looks like the speculators are delighted we will have a demand for more crude, so they will let the prices fall a few cents to pacify us.

It's all about them.