Oil Price thread

[bruce]

This is for 2007

[include]

ALGIERS (Reuters) - Petroleum prices will range between $80 and $110 per barrel for the rest of 2008, OPEC President Chakib Khelil said on Saturday.

Khelil, who is also Algerian energy and mines minister, told Algerian television OPEC was under "big pressures" from consuming nations who liked to portray the group as responsible for high oil prices, when in fact the market was responding to U.S. economic problems and the falling dollar.

"Prices will continue to be high, and the prices for the rest of the year will be between $80 and $110," he said.

The Organization of the Petroleum Exporting Countries (OPEC) left its output steady at a meeting earlier this month despite calls from consuming countries for more oil to halt the record rally.

OPEC chief sees oil at $80-$110 for rest of 2008: Financial News - Yahoo! Finance

[Windguy]

Originally Posted by imp

Well Eclipse with your certainty w.r.t. peak oil you should buy Nymex 6 year oil futures for approx. $60USD/barrel. You can then sell them in 2011 for $120 (a very conservative estimate based on how scarce you perceive oil to be). Assuming that you invest $6000 90% margined (not considered an uncommon amount of leverage in futures markets) you would receive $120,000 when you sold your position in 2011. Many of the proponents of oil peaking in the near-term should become very wealthy.

There is no downside risk, of course, because of the certainty of the science and the many left-leaning experts that claim peak oil is imminent. Why does this remind me of "the bet" between Julian Simon and Paul Ehrlich that wound up being what some consider to be the greatest setback in the history of the environmentalist movement?

Well Imp you would've been able to support a family of 500 if you had just done this in 2005 when you said it on page 3.

[Andrea]

Back up to $107.

BBC NEWS | Business | Oil hits $107 on pipeline blast

[debs]

World oil prices dropped below 105 dollars in Asian trade on Monday amid continuing concerns that energy demand would be affected by a slowing US economy, dealers said.

Oil prices below 105 dollars in Asian trade - Yahoo! News

[Rog]

Oil prices climbed more than $2, tipping beyond $106 a barrel, after weaker-than-expected job data indicated further signs of a slowing economy.

BBC NEWS | Business | Oil price up $2 as economy slows

[forfismum]

A top secret report form the British Government in 1956 said that we would run out of Arabs by the year 2000.Guess they got it wrong.

[sparky]

LONDON (Reuters) - Oil surged more than $3 a barrel on Monday, above the $109 level, lifted by a rally in gas oil and as optimism that banks will manage to shore up the financial system fueled buying across commodities and equities.

Oil jumps $3 on gas oil surge : US Business

[hoon]

Brent crude has hit yet another all-time end of trading high, as oil prices were again lifted by continuing global economic concerns.

As Friday trading in London was concluded, Brent settled up 55 cents to finish the week at $108.75 a barrel.

BBC NEWS | Business | Brent crude at record high close

[hoon]

The price of oil has hit a new record on the back of supply worries after bad weather hit Mexican oil exports.

US light, sweet crude oil rose 72 cents to $112.48 a barrel, above the previous record of $112.21. Brent crude rose 41 cents to $110.25 a barrel in London.

BBC NEWS | Business | Oil price increases to new record