Current Oil Price

RevdTess · Post by **RevdTess** » 12 Sep 2007, 15:03

New all-time intra-day high for WTI is $78.93, and we're still pushing higher.

RevdTess · Post by **RevdTess** » 12 Sep 2007, 15:03

$78.99

Andy Hunt · Post by **Andy Hunt** » 12 Sep 2007, 15:04

The news that OPEC are going to raise production has gone down a storm, then.

RevdTess · Post by **RevdTess** » 12 Sep 2007, 15:07

Andy Hunt wrote:The news that OPEC are going to raise production has gone down a storm, then.

It's more that the dollar is so weak that even these new highs are actually weaker than earlier in August when viewed from a Euro or Yen perspective. And the Fed are going to lower interest rates next week while the EU raises them...

Andy Hunt · Post by **Andy Hunt** » 12 Sep 2007, 15:11

Tess wrote:
Andy Hunt wrote:The news that OPEC are going to raise production has gone down a storm, then.
It's more that the dollar is so weak that even these new highs are actually weaker than earlier in August when viewed from a Euro or Yen perspective. And the Fed are going to lower interest rates next week while the EU raises them...

Aaahh . . . so is the current oil price more of an indicator of a collapse in the value of the dollar than anything else?

The Fed cutting interest rates while the EU raises them? Not sure I really understand the logic behind that . . . assuming there is some sound logic somewhere. Presumably to stop the 'sub prime' loans crisis? Isn't that kind of locking the stable door after the horse has long gone?

This economics stuff makes my brain ache . . .

RevdTess · Post by **RevdTess** » 12 Sep 2007, 15:20

yes, pretty much correct.

RevdTess · Post by **RevdTess** » 12 Sep 2007, 15:35

$79.37

tattercoats · Post by **tattercoats** » 12 Sep 2007, 15:58

It gives me the shivers, actually... I just saw 'Wheat tops 9 dollars a bushel for the first time' on the BBC site, and thought to myself quietly, 'it's starting'.

I guess it started a long time ago, really.

I've been up at the lottie three times this week so far, and the chilli penguin stove arrives in a fortnight. Batten down, people. How do we all like being oracles?

Erik · Post by **Erik** » 12 Sep 2007, 17:19

tattercoats wrote:It gives me the shivers, actually... I just saw 'Wheat tops 9 dollars a bushel for the first time' on the BBC site, and thought to myself quietly, 'it's starting'.

I guess it started a long time ago, really.

I've been up at the lottie three times this week so far, and the chilli penguin stove arrives in a fortnight. Batten down, people. How do we all like being oracles?

Gives me the shivers too, I've been shivering for a few months now in fact. Quite an odd thing to do in summer, especially in Spain

As for oracles, well it feels weird doesn't it, sort of seeing the future and not really having been able to do a lot about it (other than a few minor local and personal preparations). This thing is just too big. So, as I think Vortex once said, the PO gurus and seers will eventually all end up in the soup queue too, along with everyone else.

MacG · Post by **MacG** » 12 Sep 2007, 17:46

Erik wrote:So, as I think Vortex once said, the PO gurus and seers will eventually all end up in the soup queue too, along with everyone else.

I'll probably be serving the soup. Use to be that way.

RevdTess · Post by **RevdTess** » 12 Sep 2007, 17:47

$79.50

RevdTess · Post by **RevdTess** » 12 Sep 2007, 17:53

$79.74

Looks like we're pushing on for $80.

tattercoats · Post by **tattercoats** » 12 Sep 2007, 17:58

Can I ask a silly question? What does the WTI stand for?
(Probably not "What the...Inconceivable!")

RevdTess · Post by **RevdTess** » 12 Sep 2007, 17:58

$79.79

(WTI = West Texas Intermediate)

Keela · Post by **Keela** » 12 Sep 2007, 18:01

tattercoats wrote:Can I ask a silly question? What does the WTI stand for?
(Probably not "What the...Inconceivable!")

West Texas something..... West Texas Intermediate? It's a type of oil. Brent is another...

I'm picking this up slowly I think!

Edit to add..... Tess! Did you add the answer as an edit? I'm sure it wasn't there before...

Luckily my guess was actually correct!