Friday, July 11, 2008

Brent Crude Oil Price now at $143.75, but even Google doesn't know it yet

I often google 'oil prices' and while there remains a surfeit of data to show that prices dropped/plunged etc, there is very little evidence on the net that they have more than recouped their losses, jumping $5.50 in a day. Once upon a time this sort of volatility was unprecedented. Now it is par for the course. To give you an idea of how important a $5 change is, imagine a list of countries at $136 in a recession. Imagine a whole crowd of people living on scraps, selling their homes and cars. Now with a $5 spike, imagine that list doubling, and imagine that crowd quadrupling in size.

This is by far the most important news of the day, but you wouldn't think so based on our delusional daydreaming behaviour. The era of self-entilted hyperindividualism is over, we just don't know it yet.
clipped from

Oil prices rally on tight supplies, Iran fears

NEW YORK (AFP) — Oil prices shot higher Thursday on the back of simmering geopolitical tensions over key producer Iran and lingering worries over stretched global crude supplies, traders said.

The International Energy Agency (IEA), meanwhile, forecast that tension on oil markets was set to ease early next year amid an economic slowdown in the United States.

In addition, the OPEC oil producers' cartel cut its estimate for world crude demand over the next two decades, predicting that high prices would compel consumer countries to be more efficient in their use of the precious commodity.

New York's main oil futures contract, light sweet crude for August delivery, jumped 5.60 dollars to close at 141.65 dollars per barrel.

On the London market, Brent North Sea oil futures for August delivery leapt 5.45 dollars to settle at 142.03 dollars.

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