Oil Price thread

It keeps on rising. Up to $74 per barrel now.

http://www.nzherald.co.nz/section/st...ectID=10389266

[the reporter]

With the hurricane season approaching many are predicting prices rising up to $85 per barrel.

[August]

The smiles on Norwegian offshore economists' faces are growing wider and wider, widening.

[* star *]

Oil prices have eased slightly after hitting record highs on Monday, despite uncertainty as to when BP's key Prudhoe oilfield will resume production.

BP is closing the field, responsible for 8% of daily US oil output, after finding corrosion in transit pipes.

The price of oil in London hit a new record after the move, on fears that limited spare capacity in the global oil market would be further narrowed.

Brent crude futures dipped to $77.98 a barrel, after hitting a high of $78.64.

US light, sweet crude also slid 25 cents to $76.73 a barrel on profit-taking, having risen as high as $77.30.

http://news.bbc.co.uk/1/hi/business/5255034.stm

[hoon]

Oil prices have dipped following signs that Iran is prepared to advance talks on its nuclear programme.

Tehran has said it is prepared for "serious negotiations" regarding the programme, after the UN called for Iran to stop enriching uranium.

US light sweet crude settled down $1.34 at $71.76 per barrel, while Brent crude dipped $1.22 to $72.02.

http://news.bbc.co.uk/1/hi/business/5277566.stm

Crude oil prices plunged below US$67 a barrel in Asian trading Friday after a U.S. inventory report showed that higher refinery production was helping boost gasoline and distillate inventories.

http://www.canada.com/nationalpost/f...47cb1b&k=62389

Also

Opec oil producers meeting in Vienna on Monday will keep pumping enough to satisfy consumer countries unhappy with $67 a barrel oil, but an $11 drop in the price...

Which is awfully nice of them.

http://article.wn.com/view/2006/09/0...te_price_fall/

[the reporter]

Oil prices have fallen to a six-month low of less than $61 a barrel as healthy US fuel stockpiles and reduced tension over Iran have calmed markets.

The price of a barrel of US light, sweet crude fell $1.20 to $60.46, its lowest level since 21 March, while Brent crude dipped to $60.47 in London.

Prices have fallen $17 since July, when the Israel-Hezbollah conflict sent shockwaves through oil markets.

http://news.bbc.co.uk/1/hi/business/5365756.stm

[August]

While the price of petrol in Norway is decreasing, the price of milk is increasing.

[the reporter]

Oil prices fall below $60 a barrel, continuing their sharp decline of recent weeks, as Iranian tensions reduce.

http://news.bbc.co.uk/go/rss/-/2/hi/...ss/5376842.stm

The interesting thing is that so many still believe all the gloom, like these prices are because of OPEC cutting production. Yes, it's always a massive conspiracy theory. Always. Never mind that the price of oil has dropped almost 20% in about three months - that has nothing to do with an output cut. The real reason must be based on the fact that there is no more oil anywhere.