“Oil prices fell 4 percent last Monday on bad EU economic news and then climbed slowly for the rest of the week largely on assurances from EU leaders that they will not let the Eurozone collapse. At week’s end NY oil was at $90.13 and London at $106.65, Bad news about the growth of the US’s GDP stimulated hopes that the Federal Reserve as well as the ECB will soon resort to quantitative easing again…”
“Prices rose steadily through Thursday last week as the threat to supplies from worsening Middle Eastern situations outweighed slackening demand from the weakening global economy. On Friday prices retreated a bit on profit-taking, after a $16 a barrel gain in the last five weeks, and a strengthening US dollar. London oil closed the week at $106.83 and NY at $91.83.”
“Brent crude traded in a narrow range for most of last week between $98 and $100 a barrel as the markets reacted to generally bad economic news from Europe, China, and the US. On Friday prices moved higher to close at $102.40 after the US announced tougher sanctions on companies that have been helping Iran circumvent the sanctions. New York crude followed a similar pattern about $15 lower than Brent…”
“After falling by some $30 a barrel since early May, oil prices rebounded in the last 10 days reaching a high of $88 in New York and $102 in London last week. As has been the case for many months now the interplay between fears of a slowing global economy and possible disruptions of Middle Eastern oil supplies has been the underlying impetus for price moves. Late last week economic concerns came to the fore as a weak US jobs report combined with a gloomy IMF projections of global economic growth to trump an elevated level of saber rattling in the Middle East…”
Download PDF: Peak Oil Review 07/02/12 Dear Peak Oil Review Readers: “As you know, the world Continue Reading
