It wasn’t so long ago that the world worried when oil would reach $100 per barrel. Now oil is close to $120 and shows no sign of slowing down.
The record price hike was due to nearly North Sea production was shut down yesterday because of a strike at the Grangemouth refinery in Scotland. This kept […]

As the price of oil futures surged yesterday as investors worried about Iraqi oil output after a key pipeline was bombed near Basra, with impeccable timing Venezuelan President Hugo Chavez once again took a diplomatic swipe at his old enemy the US.
Chavez argued that the American invasion of Iraq is partly to blame for rising […]

It does not seem too long ago when we were getting worried that oil might reach $100 a barrel. Now it’s nearly $110 and showing no signs of stopping. So the International Energy Agency has convened talks with global oil experts to help determine “whether current oil prices are justified by market fundamentals”.
The talks, to […]

U.S. Energy Secretary Sam Bodman has pleaded with Saudi Arabia for more oil, undeterred by OPEC’s cautious response to Washington’s request so far.
Bodman told reporters in Abu Dhabi there were short-term concerns about the performance of the U.S. economy and he was hopeful Riyadh would steer a decision to increase oil supplies at […]

The New Year may be only days old, but Bloomberg reports that the “fastest-growing bet in the oil market these days is that the price of crude will double to $200 a barrel by the end of the year.”
Options to buy oil for $200 on the New York Mercantile Exchange have apparently risen 10-fold […]