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Oil Breaks $80 Barrier

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s far as I can see, oil is still well below $80 a barrel.

From BBC:

Platts Crude Oil Spot Prices

Brent Crude Oil $/barrel 76.86 0.00 0.0

West Texas Intermediate Crude Oil $/barrel 72.81 0.00 0.0

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s far as I can see, oil is still well below $80 a barrel.

From BBC:

BBC oil prices suck. They can go days without reflecting any changes. Don't trust it.

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Hope I'm not misinterpreting this but looks like oil has broken $80 barrier :

http://www.bloomberg.com/markets/commoditi...ergyprices.html

There's no stopping it now ... this is before the hurricanes and confrontation with Iran.

I have the near Brent contract live on my screen right now and it never went over $78.

They're calling it "Dated", so maybe it's a deferred contract reflecting the cost of carry... just a guess.

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Guest Cletus VanDamme

Yes, but the dollar is about 12% weaker than it was a year ago, so the 'true' price of oil is more like $70 (or a bit below)

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Yes, but the dollar is about 12% weaker than it was a year ago, so the 'true' price of oil is more like $70 (or a bit below)

Your talking about the price of oil in GBP terms right?

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Guest Cletus VanDamme
Your talking about the price of oil in GBP terms right?

Yeah, I guess. What's the price in terms of gold?

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BBC oil prices suck. They can go days without reflecting any changes. Don't trust it.

The front month Brent contract (August) touched a high of $78.40 earlier today. It's now trading at ~$77.55. It expires today meaning that tomorrow the front month will be September. It's trading at around $77 at the minute having hit a high of $77.80 earlier.

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Hope I'm not misinterpreting this but looks like oil has broken $80 barrier :

http://www.bloomberg.com/markets/commoditi...ergyprices.html

There's no stopping it now ... this is before the hurricanes and confrontation with Iran.

Yes you are mistaken it's Sweet Crude you should be following not Brent! Here it is at $74 today

80dollaroil.jpg

Mark

Edited by Soul Reaver

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According to Reuters; Brent Oil $77.12

As I understand it, Brent crude is lighter and hence more valuable oil. All other oils are priced below Brent crude.

The price partly reflects a weaker dollar, partly its a reaction to the 'summer holiday' demand spike and finally its not going to get cheaper till they find something that does all the jobs oil has to do at a lower price. Unless, of course, we have a spectacular recession, then all bets are off.

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According to Reuters; Brent Oil $77.12

As I understand it, Brent crude is lighter and hence more valuable oil. All other oils are priced below Brent crude.

I'm afraid you don't really understand it correctly. Brent is a light, sweet grade of oil, but so are many others. Historically WTI has always priced above Brent but that has changed in the past couple of months for a number of reasons.

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s far as I can see, oil is still well below $80 a barrel.

From BBC:

Bloomberg is a NY quote, higher than London due in part to additional shipping cost as tankers have to cross an additional ocean to reach US. Current import volumes for US are around 14m bbls/day thus the price they are prepared to pay for supplies influences other oil markets.

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Yes, but the dollar is about 12% weaker than it was a year ago, so the 'true' price of oil is more like $70 (or a bit below)

The oil / gold ratio are at 8, a historical average are 18, one year ago it was around 10 I think there is a long term paradigm shift going on. I think a worldwide depression would be a perfect time to buy oil stocks.

Edited by carseller

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Peak Oil & Gas (and a while after) is the perfect time to buy oil and gas stocks.

Well, you buy cheap, even if there is peak oil, there will be bad times (now), and good times to buy if the china bubble burst.

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Hope I'm not misinterpreting this but looks like oil has broken $80 barrier :

http://www.bloomberg.com/markets/commoditi...ergyprices.html

There's no stopping it now ... this is before the hurricanes and confrontation with Iran.

Whats the reason now, oh don't tell me an oil tanker driver in Alaska has a poorly tummy and his cat died, FFS these oil traders are using every little shred of news to rump it up, it reminds me of the Enron scandal where Enron traders were paying Electricity suppliers in California to turn off power stations to get the unit price up 500%. :blink::blink:

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According to the BBC Brent Crude closed up 2.2% today at $78.58.

And what was Merv on about last year, something along the lines of "oil prices will fall back to $40 easing inflationary pressures?" ;)

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