Oil ends 2009 78 percent above year-ago level

[bemildred]

NEW YORK (Reuters) - Oil finished the year above $79 a barrel on Thursday, climbing a whopping 78 percent in 2009 and notching the biggest annual gain in a decade.

The market roared back from depressed levels seen at the end of 2008 that came as the global economic crisis sapped demand.

U.S. crude for February delivery settled up 8 cents at $79.36 a barrel, compared with a close of $44.60 on December 31, 2008. London Brent crude fell 10 cents on Thursday to settle at $77.93.

This year's rise in U.S. oil futures is the sharpest annual percentage gain since 1999, when output cuts by producers helped revive prices from lows near $10 a barrel.

http://www.reuters.com/article/idUSTRE5B30OK20091231

[DJ13]

1. Add it to the growing list of broken promises

Sun Jun 22, 2008 5:37pm EDT

Obama vows to crack down on oil speculation



CHICAGO (Reuters) - U.S. Democratic presidential candidate Barack Obama offered new steps on Sunday to crack down on speculation in oil markets, saying his plan would help rein in runaway fuel costs.

Barack Obama | China

A jump in gasoline prices above $4 a gallon has spurred consumer anger and is a top theme in the race between Obama and his Republican rival in the November election, John McCain, who has proposed more U.S. offshore oil exploration as a way to boost energy supplies.

"I think everyone believes there's too much speculation in the oil markets," said New Jersey Gov. Jon Corzine, an Obama ally who announced the proposals in a conference call with reporters. "A lot of the price of oil, I think, people put at the doorstep of speculators bidding up and holding supplies off the market."

Corzine said Obama's plan aims to close the so-called Enron loophole, which exempts some energy speculators who trade electronically from U.S. regulation. It takes its name from the now-collapsed energy firm that benefited from the law.

Obama would require U.S. energy futures to trade on regulated exchanges. The campaign also said he backed legislation that would direct the Commodity Futures Trading Commission, the top U.S. futures market regulator, to investigate proposals such as increasing margin requirements in the market.

In addition, the Illinois senator wants to see more transparency and oversight of institutional investors in commodities markets.

http://www.reuters.com/article/idUSN2243134220080622
Obama vows to crack down on oil speculation | Reuters

[endless october]

2. no way are the fundamentals there to support that price. nt