Oil Rises Above $132 135

A $10 increase in the price of oil is extremely significant because it means the price of almost everything will increase significantly. It seems like yesterday when I wrote oil hit $100 for the first time and it was as recent as may 6th I wrote it hit a new record of 122. I was going to make a post saying oil had hit a new all time high today of 130, but before I could get around to it, it hit 132 a barrel…( And now I have checked it again it is 135)

Oil Rises Above $132 on U.S. Supply Drop, Bank Price Forecasts

May 21 (Bloomberg) — Crude oil rose to a record above $132 a barrel as U.S. stockpiles unexpectedly dropped and banks raised price forecasts in the past week on expectations supply constraints and demand growth will persist.

Supplies fell 5.32 million barrels to 320.4 million last week, the biggest drop in four months, the Energy Department said. Oil for December 2016 delivery rose more than $20 a barrel, or 17 percent, after Goldman Sachs Group Inc. on May 16 raised its outlook to $141 a barrel for the second-half of the year.

Read more here…


  1. Andy Watson-Smith 8 years ago

    Diesel is now at £1.24 a litre in London, seems like only 6 months ago it was about to break the pound barrier, scary shit, and they’re whacking more tax on top, nice.

  2. Henry 8 years ago

    $$$ It is getting very expensive, although still cheaper to buy/ litre than a bottle of sparkling water. Think I’ll invest in water companies!

  3. L... 8 years ago

    It now costs my company 68 quid to fill up my Audi. It was 53 quid a year ago…
    Why Oil prices keep on rising:

  4. Author
    ptsp 8 years ago

    It’s hard to know what to believe. That was an interesting article bro. There is no doubt speculators buying crude are making the prices rise, but is it a bubble or is it a response to the reality of peak oil? As much as that market oracle article talks about it being a myth I am not so sure. Fact, The USA oil production peaked in 1970. Fact, many other countries have peaked. It is inevitable that global production will or has peaked. As all these countries peak, the others have to make up for the declines, whilst their internal demand is also growing so they need to keep more for themselves. SO many factors at work. They have not discovered any truly massive oil fields for 30 years. This site seems pretty much the most trustworthy and factual on the whole situation:

    This is interesting too:

    So I got set up with a commodities trading account and it’s pretty intense. I have just been buying the smallest amount possible (636Euro worth) and selling it. Just one lot at a time. The first 12 hours I made 460 euro, and the next 24 hours I lost 500 euro because I didnt sell when it broke 135 and it dropped back to 131. Right now I am pretty much level… If the price drops to 127 and I havent sold before, I loose 636 euro, but if it rises to $200 a barrel as predicted by Goldman sachs I will make 10 000Euro. I figure it’s worth loosing 650 euro if there is about 50% possibility of it going to 200… Time will tell… If it goes to 200, I make money, but all the economies will go to hell, and if not, things will stay stable which is good, but I lose my money. Seems kind of like win, win. Or lose, lose.

  5. admin 8 years ago

    There is a good article here about Abiotic oil. I guess this is the only factor which could render Peak oil as obsolete but the evidence weights somewhat against it:
    The ‘Abiotic Oil’ Controversy
    By Richard Heinberg

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