Current Oil Price

[Keela]

I'm away to do some ironing . . .

I could really hear your accent coming through then!!

And lying through my teeth I was too! Iron is still cold.... ah well dinner is burning!

[oilslick]

On CNN Money home page:

BREAKING NEWS
Oil - up 60% in the past year - passes $100 a barrel for first time on concerns about inventories and Nigerian supplies. More soon.

Now watch it rocket to $110...scary times, especially with the ? sinking. Best go and fill up before they change the numbers at the garage!

[Vortex]

http://money.cnn.com/2008/01/02/markets/oil/

[neckiep]

Its on the BBC website now
http://news.bbc.co.uk/1/hi/business/7168664.stm

[syberberg]

Its on the BBC website now
http://news.bbc.co.uk/1/hi/business/7168664.stm

I like these two paragraphs:

While daily price rises have been blamed on unrest in oil-supplying countries such as Nigeria, the real increase in demand has come from China and India.

PANIC!! PANIC NOW!!!!!!!!!!!!!

The oil-producers' cartel Opec has also blamed speculators for the high price of crude and said that there is plenty of the fuel in the market to meet demand.

Now, now, settle down, everything's under control. Demand isn't that high.

[Vortex]

We need to hope that computerised trading doesn't kick in.

I can image a 'rule' being coded many years ago such as:

#DEFINE INSANE_OIL_VALUE = $100

IF CURRENT_OIL_PRICE > INSANE_OIL_VALUE THEN
SELL 25% OF ALL STOCKS
END IF

[Vortex]

"The entire focus on $100 oil is frivolous," said Tim Evans at Citigroup Futures Research in New York.

Yeah, right.

Just like:
"Hey, the assassination of that Crown Prince Ferdinand guy is not important ... he's nobody special ... just an uppity Serb."

[RevdTess]

"The entire focus on $100 oil is frivolous," said Tim Evans at Citigroup Futures Research in New York.

In other words, "I lost money betting that prices would go down and now I look like an idiot so I'm going to whine that the market is stupid."

(not that I ever do that, oh no)

[clv101]

The Oil Drum's Robert Rapier won his $1000 bet that oil wouldn't reach $100 in 2007, won it by one trading day!

Also of note is that ?1 is worth only $1.98 today.

[Vortex]

I feel that the main effect of $100 oil is that many "Oil Reaches $100" articles will come out of journalists' cupboards, and the media will make a big fuss.

This could then trigger all sorts of odd investment and other behaviour.

I bet the speculators have been waiting eagerly for this day ... they could make a killing from the moronic day traders etc.

[syberberg]

The Oil Drum's Robert Rapier won his $1000 bet that oil wouldn't reach $100 in 2007, won it by one trading day!

Also of note is that ?1 is worth only $1.98 today.

Lucky fella.

I'm not too concerned about the ? at the moment, when it gets to about the $1.50 area, then I'll get worried.

[clv101]

The Oil Drum's Robert Rapier won his $1000 bet that oil wouldn't reach $100 in 2007, won it by one trading day!

Also of note is that ?1 is worth only $1.98 today.

Lucky fella.

Not really, it seems he doesn't get to keep a cent of it due to some overly keen US game wardens.

[aliwood]

Just like:
"Hey, the assassination of that Crown Prince Ferdinand guy is not important ... he's nobody special ... just an uppity Serb."

And just like - well actually he was shot by a Serb, he was Franz Ferdinand, Archduke of Austria-Este, heir to the Austrian throne and purveyour of songs for your musical delight.

Pernikatickly yours...

[Vortex]

Hmm ... Wiki betrayed me!

See: http://wiki.answers.com/Q/How_did_World_War_1_begin

He is described as both Austrian & Serbian ... ho, humm ...

[aliwood]

Weeeeeellllllll, he probably is if you dig far enough. I'm with Baldrick though, "It's all about some bloke called Archy Duke..."