Hopes of China easing, France calling for an oil ban of Iranian supply, and the Saudis targeting $100 pushed crude up to $100.63

“(Reuters) – Here’s an economic riddle of sorts: Which economy grew faster over the last seven years? A) President Hugo Chavez’s Venezuela, famous for its forced nationalizations and “21st century socialism,” or B) Chile, long renowned as a capitalist paradise for investors.

It might surprise some outsiders to learn that the answer is actually A. In recent years, commodities prices have dictated growth in Latin America more than any other factor, meaning that countries could trample on businesses but still grow briskly as long as they exported plenty of raw materials such as oil and iron ore to China and elsewhere.

Venezuela, the region’s No. 1 oil exporter, has averaged about 4.6 percent economic growth since 2005, compared to 4 percent in Chile, the world’s leader in copper. An even clearer example of commodities’ almighty reign was Argentina, which averaged 7 percent growth during the same period as record soy and other farm exports helped offset the government’s hostile stance toward energy companies and some other investors.

Now, it looks as if the trend is shifting. In Latin America, 2012 seems set to be the year in which business climate clearly reestablishes its supremacy as the main driver of growth.

The countries expected to grow the fastest in 2012 are also generally the ones that are perceived by the World Bank and others as treating investors the best. That means Chile, Peru and Colombia should lead the pack, while Venezuela and even Brazil will lag a step behind – just as they did last year….”

Full article

The common man should be rejoicing that oilfields previously decided to be shutdown will not be….for the moment. Talks over strife and strike and still progressing in Nigeria.

Full article

Now +4% to $21, up from recent lows of $14.

Full article

Near term economic prospects will keep oil high says GS…

Covet that shiny metal….

WTI was down earlier and is currently up $0.05 @ $99.14

All helping to keep some speculative premium in oil

Saudi consumption on the rise 

The fear trade continues

Jack Frost is on holiday and as a result supplies are growing and the price is tanking…

…and that money is slowly not going into treasuries…

Europe sold off and oil fell on news that German GDP contracted in the fourth quarter. Renewed fears of recession surfaced as investors took some profits.

Full article

(via)

Futures of frozen orange juice concentrate in New York surged on concerns that the presence of a fungicide in samples from Brazil could crimp supplies.

January-delivery orange juice hit $2.12 per pound, the highest front-month price since November 1977. The more actively-traded March contract was recently trading 10.7% higher at $2.0775 per pound on ICE Futures U.S

The Food and Drug Administration is testing orange juice for a fungicide and says it will order the product removed from the market if it poses a public health risk.

In a letter dated Jan. 9 to the Juice Products Association, an industry group, the FDA said a juice company reported “low levels” of carbendazim, a fungicide, in its and its competitors products.

The FDA said the fungicide was used on the 2011 orange crop in Brazil, the world’s largest grower of oranges and the biggest producer of orange juice.

Florida oranges produce about three-quarters of U.S. orange-juice concentrate supplies, and imports cover the rest. About 75% of those imports come from Brazil.

Alcoa reported a in line loss of three pennies and beat on the top line. The companies expectations were for aluminium production to grow by 7% this year. World markets and commodity stock in particular took this a chance to rally.

Full article 

Big upside risks in oil and gold says GS….

Covet the shiny metal

Funds increasing their bets….

Up 2.9% in tonight’s session, slowly but surely creeping higher.