Current Oil Price

Aurora · Post by **Aurora** » 08 Apr 2011, 11:55

The Independent - 08/04/11

Oil prices have surged to fresh two-and-a-half year highs after fierce fighting in Libya damaged the country's largest oil field.

Brent crude was up 0.8% at 123.17 US dollars a barrel, while benchmark crude for May delivery was up 1% at 111.28 US dollars on the New York Mercantile Exchange.

Article continues ...

PS_RalphW · Post by **PS_RalphW** » 20 Apr 2011, 10:04

Brent has jumped $3 from yesterday's close. back over $123.

Not sure why yet, maybe traders have noticed that there is less and less coming out of the ground each month.

biffvernon · Post by **biffvernon** » 21 Apr 2011, 07:35

Our WTI ticker jumped from 107 last night to 112 this morning.

PS_RalphW · Post by **PS_RalphW** » 28 Apr 2011, 16:22

Brent back over $126.

We are just about due for the next mini-spike. Probably $131 in the next week.

PS_RalphW · Post by **PS_RalphW** » 05 May 2011, 13:19

So much for my predictive powers.

Down $8 to $118. It's lucky I don't gamble

Over at TOD they are predicting petrol shortages on the US east coast
because they do not have enough of the right sort of refineries in the right places.

They have a glut of WTI and tar sand oil, but it is land locked in the mid west. Petrol imports from Europe have dried up because of Libya. Several large east coast refineries have been out of action due to electricity outages.

ziggy12345 · Post by **ziggy12345** » 05 May 2011, 19:43

Oil just went to $100. WTF??

Mean Mr Mustard · Post by **Mean Mr Mustard** » 05 May 2011, 20:47

ziggy12345 wrote:Oil just went to $100. WTF??

You mean WTI...

Silas · Post by **Silas** » 06 May 2011, 09:00

Oils below $100, and everything's commin up roses

So BAU, it's fun on the plataue, demand distruction, speculation, smoke and mirrors

lurker · Post by **lurker** » 06 May 2011, 12:19

http://www.bbc.co.uk/news/business-13305462

PS_RalphW · Post by **PS_RalphW** » 06 May 2011, 16:20

Here is the rebound.

from $106 (Brent) at 9am to $114 at 4 pm.

Where will it close?

Blue Peter · Post by **Blue Peter** » 06 May 2011, 16:27

This is Dave Cohen's take on the drop:

2.a large sell-off by dollar hedgers after the dollar strengthened against the Euro, following an annoucement by the ECB that it would delay raising interest rates?

Peter.

RGR · Post by **RGR** » 09 May 2011, 03:12

Blue Peter wrote:This is Dave Cohen's take on the drop:

2.a large sell-off by dollar hedgers after the dollar strengthened against the Euro, following an annoucement by the ECB that it would delay raising interest rates?

Peter.

Looks like once the speculation runs its course, the usual may be waiting in the wings. Darn it anyway. How is much powerswitching can happen if all these price runups are just speculators screwing around with the prices to make some extra coin?

http://www.msnbc.msn.com/id/42946338/ns ... l_finance/

ziggy12345 · Post by **ziggy12345** » 09 May 2011, 07:57

The largest price fluctuations are always on a Friday and a Monday. Speculators sell off their commodities during the weekend and bank the cash then buy them all back again on a Monday.

RenewableCandy · Post by **RenewableCandy** » 09 May 2011, 17:58

That FT weekend supplement "How To Spend It" has a lot to answer for...

PS_RalphW · Post by **PS_RalphW** » 09 May 2011, 20:26

Normal service resumed

Up over $6 so far today.