Saudi Arabia says it will call a summit of oil producers and consumers in an effort to stem the surge in the price of oil.
The world’s biggest producer said recent rises, including the record $10 leap on Friday, were not justified by market fundamentals and it would work with Opec to guarantee supplies.

So are speculators pushing the oil price up, and if so by how much? A leading American senator yesterday pressed the top futures market regulator for more information about speculation by big investment funds in crude oil futures.
Commodity Futures Trading Commission (CFTC) officials testified that market forces are primarily responsible for the rising price of […]

The record oil price of $135 a barrel is due to “market sentiment” rather than a shortage of supply, according to Shell’s chief executive, Jeroen van der Veer.
“What we say and what we see is there are no physical shortages,” said van der Veer. “There are no tankers waiting in the Middle East, there […]

Do you remember the days when oil was only $100? Although there has been speculation in recent days concerning the oil price, one of the most authoritative predictions so far has the price of crude oil at $200 within as little as six months.
The prediction by Goldman Sachs was made as benchmark US light crude […]

As consumers from Atlanta to Aberdeen struggle with soaring gas prices, and Clinton and Obama squabble over gas tax rebates, at least the oil barons are happy. Royal Dutch Shell and BP have racked up combined profits of over $14bn in just three months, thanks to the soaring prices of oil and gas.
The rival energy […]