With oil finally trading back above the $50-a-barrel level, it’s time to recognize that crude prices are probably not going to remain low for very long, and may end up fluctuating in the $50-$80 range – regardless of what happens to the prices of other commodities.

Having etched out new lows a few months ago amid the worldwide financial crisis, many commodity sectors appear to be doing their best impression of planes hovering over a busy airport: In a holding pattern.

OPEC says willing to cut production further from March…  Impending U.S. stimulus package supportive…  Dismal U.S. jobs data still weighs on sentiment…

Gold was firmer on Monday, tracking a climb in crude oil prices on the back of burgeoning tensions in the Middle East, although it retreated from earlier highs as oil gave up some of its gains.

In the energy market Thursday, oil managed to gain a little ground, with crude for December delivery closing at $58.24/barrel, up $2.08 on its last day as the front-month contract.

In the energy market Monday, oil sank below the $60 benchmark, with crude for December delivery closing at $59.33/barrel, down $3.08. December reformulated gasoline lost 6.2 cents, to $1.3059/gallon.  Early in the day, crude had fallen to $58.32, its lowest level since February, 2007, and yesterday there weren’t enough buyers to push it back over $60.

In the energy market Friday, oil moved higher, with crude for December delivery closing at $67.81/barrel, up $1.85. November reformulated gasoline fell 2.57 cents, to $1.4413/gallon.

Consumer Confidence at All-Time Low; Home Prices Continue Collapse; OPEC Still Not Satisfied; Whirlpool Circles the Drain; Optimistic Wall Street; Banks Balk on Buyout; Stop the Presses?

The mooted plan by Saudi Arabia to hike oil production in July by 200,000 barrels is marginal. It is not going to have a significant effect on the oil price. I am also not sure if it is true, after all it was UN head honcho Ban Ki Moon who revealed the plan and not the Saudis.