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Peak Oil Review – June 18, 2012

“London oil prices surged briefly to nearly $102 a barrel last Monday on news of the EU’s Spanish bank bailout. The markets quickly realized, however, that the bailout was only a harbinger of more bailouts to come, and oil prices quickly settled to the vicinity of $97 barrel where they remained for the rest of the week. NY oil followed a similar pattern, trading in the vicinity of $83 for most of the week…”

Posted On : Published By : Tom Whipple
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Peak Oil Review – June 11, 2012

“Oil prices climbed a bit through Wednesday last week, fell on Thursday and closed largely unchanged for the week as various waves of optimism and pessimism swept over the trading community. This week, the optimism came on hopes that the EU would soon do something about the worsening situations in Spain and Greece and that the US Fed would unleash another round of quantitative easing. The drop on Thursday came after Fed Chairman Bernanke failed to announce or hint that any additional stimulus would come soon. Such stimulus usually lowers the value of the dollar thereby increasing the price of oil…”

Posted On : Published By : Tom Whipple