Current Oil Price

RevdTess · Post by **RevdTess** » 13 Oct 2007, 00:14

We reached $84 earlier in the day, trust me.

snow hope · Post by **snow hope** » 13 Oct 2007, 00:22

I do Tess.

http://news.bbc.co.uk/1/hi/business/7040775.stm

Andy Hunt · Post by **Andy Hunt** » 13 Oct 2007, 17:11

I have this bizarre feeling that it could flip to about $120 'just like that' if something happened around the world somewhere.

It all just feels a bit 'jittery' at the minute somehow. Or maybe it is my 'doomer' imagination . . . ?

emordnilap · Post by **emordnilap** » 13 Oct 2007, 18:10

Auntie Beeb wrote:Oil prices have reached another record - surging past $84 a barrel for the first time.

Did it 'surge'? Does it ever simply 'rise above'? <shakes head and rolls eyes>

skeptik · Post by **skeptik** » 13 Oct 2007, 18:16

emordnilap wrote:
Auntie Beeb wrote:Oil prices have reached another record - surging past $84 a barrel for the first time.
Did it 'surge'? Does it ever simply 'rise above'? <shakes head and rolls eyes>

no... it does 'soar' occasionally though.

Ballard · Post by **Ballard** » 13 Oct 2007, 19:44

Andy Hunt wrote:I have this bizarre feeling that it could flip to about $120 'just like that' if something happened around the world somewhere.

It all just feels a bit 'jittery' at the minute somehow. Or maybe it is my 'doomer' imagination . . . ?

I think it's the doomer in you, Isn't it actually cheaper than last year when you take the devaluation of the dollar into acount.

edit: typo

RevdTess · Post by **RevdTess** » 13 Oct 2007, 21:58

Every time I walk into the office these days the first thing I look at is how the euro is doing against the dollar. If it's up, then chances are WTI is going up as well, or at least not going down very far. It appears the Fed *wants* the dollar to collapse. Maybe they're sick of waiting for the Chinese to increase the value of their currency to rebalance the trade deficit, and have just decided to pre-emptively devalue their own?

Totally_Baffled · Post by **Totally_Baffled** » 13 Oct 2007, 22:46

Maybe they're sick of waiting for the Chinese to increase the value of their currency to rebalance the trade deficit, and have just decided to pre-emptively devalue their own?

Good point!

Tess - just using your gut feeling - what sort of level against the Euro would you consider a dollar collapse in say a 12 month period (just to give me some context)

1.5 , 1.6, 2 euros???

What sort of level would correct the US chronic trade deficit?

Would the UK use the same tactic? (after all - we have a trade deficit as bad as the yanks on a per capita basis!)

RevdTess · Post by **RevdTess** » 15 Oct 2007, 11:00

$84.80 and rising on weak dollar, strong euro.

T_B - no idea, sorry! I'm not a currency analyst.

RevdTess · Post by **RevdTess** » 15 Oct 2007, 11:06

$85.15. Ding!

Post by **clv101** » 15 Oct 2007, 11:30

TB, did you see this from Lu?s de Sousa?

A Dollar beyond the eighties

Post by **clv101** » 15 Oct 2007, 11:56

This is also an all new inflation adjusted high, at least in the US. On Friday, Bloomberg said:

"The cost of oil used by U.S. refiners averaged $37.48 a
barrel in March 1981, according to the Energy Department,
or $84.73 in today's dollars."

biffvernon · Post by **biffvernon** » 15 Oct 2007, 12:00

How long did the March '81 type prices last?

Post by **clv101** » 15 Oct 2007, 12:06

It fell steadily over about 5 years to get back to close to the long term average by '86.

Totally_Baffled · Post by **Totally_Baffled** » 15 Oct 2007, 12:18

clv101 wrote:TB, did you see this from Lu?s de Sousa?

A Dollar beyond the eighties

Thanks for this - it answers my question(s)!