Current Oil Price

PS_RalphW · Post by **PS_RalphW** » 13 Jan 2010, 16:54

Rebounded to $79.50.

Bearish US stocks report. A lot of oil offloaded in the last week.

OPEC guy from Kuwait said they would not increase quotas short of $100 oil.

It really is down to Chinese demand where the price is going this year.

ziggy12345 · Post by **ziggy12345** » 22 Jan 2010, 16:02

Oil orice going south again.. What the reason this time? Anyone?

PS_RalphW · Post by **PS_RalphW** » 22 Jan 2010, 16:54

General economic gloom.

Dollar is stronger than the Euro/Sterling. The Obama proposed (and Chinese imposed) constraints on the investment banks are damping predictions for future demand. Stocks down, gold down, dollar up.

biffvernon · Post by **biffvernon** » 18 Feb 2010, 21:10

And now it's up around 80 again. Up down up down up...

Post by **adam2** » 19 Feb 2010, 09:59

I suspect that the oil price is being driven upwards by the chance of conflict between the UK and Argentina over the Falklands.
This is not logical since since no oil is currently produced, and any large scale production is some years away.
Markets however are not allways logical, and I suspect that the "knee jerk" response to any potential conflict in a potentialy oil producing region is to increase prices.

Likewise any new oil discovery often depreses near term prices, again not logical when oil production is some years after discovery.

Aurora · Post by **Aurora** » 22 Feb 2010, 22:41

The Telegraph - 22/02/10

Oil prices rose to 80 dollars a barrel in New York on Monday, boosted by supply worries as a major strike gripped the French oil industry and tensions remained high over Iran's nuclear programme.

Article continues ...

PS_RalphW · Post by **PS_RalphW** » 03 Mar 2010, 16:33

There was a modestly bearish US stocks report this week, crude oil stocks rose 4M barrels, 2M more than the analysts predicted, causing a modest
immediate $0.7 fall in oil price, to $79.60.

Then, as seems to happen most weeks , there was a steady rise in price now gone through $81

Whoever is buying this oil is following their own game plan.

Post by **adam2** » 03 Mar 2010, 16:43

RalphW wrote:There was a modestly bearish US stocks report this week, crude oil stocks rose 4M barrels, 2M more than the analysts predicted, causing a modest
immediate $0.7 fall in oil price, to $79.60.

Then, as seems to happen most weeks , there was a steady rise in price now gone through $81

Whoever is buying this oil is following their own game plan.

Do you think that someone is buying more oil than usual ? and thus driving up the price.

I wonder instead if production is in fact less than believed ? oil production figures are widely qouted, but not totaly accurate.
In view of the fine balance between production and consumption, it would take only perhaps a 1% drop in production to increase prices by several $

emordnilap · Post by **emordnilap** » 03 Mar 2010, 17:18

The price has been steadily climbing for about the last five weeks.

biffvernon · Post by **biffvernon** » 03 Mar 2010, 18:58

Hmmm...it's been bouncing about between 70 and 85 for several months. I'm not sure you can read too much into these movements.

What we know is that if demand increases it won't be matched by production increases so price will go up till demand is choked off. The result is chaotic price changes, fundamentally unpredictable.

emordnilap · Post by **emordnilap** » 05 Mar 2010, 15:00

Creeping up again.

Is this it?

emordnilap · Post by **emordnilap** » 05 Mar 2010, 15:22

http://www.bloomberg.com/apps/news?pid= ... lL9LrW7Bp4

Yeah, the spike in oil prices in 2008 had nothing to do with this, errmm, 'recession'.

PS_RalphW · Post by **PS_RalphW** » 05 Mar 2010, 15:40

It does seem to be US investors (speculators?) buying oil today.

Oil up (over $82 a few minutes ago) gold up more modestly, dollar up against the yen, markets all up 1.0 - 1.5%.

Irrational exuberance , with the emphasis on irrational !

Post by **kenneal - lagger** » 05 Mar 2010, 17:56

I'm taking my pension now while the stock market is on the way up. I've gained 60% since last July when I should have taken it. And as big a lump sum as possible.

Mitch · Post by **Mitch** » 05 Mar 2010, 21:19

In my opinion, if it doesn't come back to 73/75 by next week Wednesday/Thursday, then the "who does what drastic" is not having much luck containing things - for me that's scary stuff.............anyone for the next global crash?