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Oil at $120 a barrel

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    Oil at $120 a barrel

    nearly ..

    Libya unrest pushes Brent oil price to $110 a barrel

    So is there a commonly accepted oil price threshold, or whatever the word is, when things suddenly turn ugly commodities wise etc?

    Obviously the higher the price the higher the pain, in continuous proportion; but I've heard it said that $120 is the (or a) key indicator.
    Work in the public sector? Read the IR35 FAQ here

    #2
    I reckon we'll see $150 dollars a barrel this year, next year is a global crash.

    Followed swiftly by money printing ($, Euros, £) and then it's Groundhog Day, mega-bailouts, humungous bankers bonuses and house prices in London doubling again.

    Comment


      #3
      Originally posted by DimPrawn View Post
      I reckon we'll see $150 dollars a barrel this year, next year is a global crash.

      Followed swiftly by money printing ($, Euros, £) and then it's Groundhog Day, mega-bailouts, humungous bankers bonuses and house prices in London doubling again.
      The recession has hit the oil rich countries, and apart from Russia they are extracting oil below maximum capacity. Production will rise and prices will drop.
      "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

      Comment


        #4
        Originally posted by Paddy View Post
        The recession has hit the oil rich countries, and apart from Russia they are extracting oil below maximum capacity. Production will rise and prices will drop.
        You are making the classic mistake of just considering supply and demand and ignoring the trillions (yes trillions) of dollars of cheap money lent to investment banks at close to zero interest rates which is now in the hands of the biggest commodity speculators the world has ever seen.

        Comment


          #5
          Tipping point?

          Oil worries me. Specifically that demand grows exponentially and supply remains firmly finite and that we are hooked on it. At some stage this sucker is going to go unexpectedly bang.

          Comment


            #6
            Originally posted by DimPrawn View Post
            You are making the classic mistake of just considering supply and demand and ignoring the trillions (yes trillions) of dollars of cheap money lent to investment banks at close to zero interest rates which is now in the hands of the biggest commodity speculators the world has ever seen.
            I agree with your point

            http://maxkeiser.com/2010/11/20/on-t...il-production/
            Last edited by Paddy; 23 February 2011, 17:17.
            "A people that elect corrupt politicians, imposters, thieves and traitors are not victims, but accomplices," George Orwell

            Comment


              #7
              $150
              Luxury...

              Oil May Surge to $220
              I'm alright Jack

              Comment


                #8
                Originally posted by BlasterBates View Post
                Crikey! At that price it will cost about £200 to fill my Jag

                Maybe there's something to be said for those 80 MPG bubble cars after all.

                AtW will love this bit:

                Nomura said the $220 prediction may be an underestimate, as speculative investors trading crude oil who were not active in the early 1990s may amplify the price gain in the event of an export halt.
                Work in the public sector? Read the IR35 FAQ here

                Comment


                  #9
                  Most oil analysts I know say that oil prices are much more sensitive to politics than they rationally ought to be, but it's the herd mentality and everybody just has to get used to it.

                  Comment


                    #10
                    Hit $119 dollars a barrel this morning.

                    Should keep the chavs off the road. Only public sector workers with their inflation linked pay rises and pensions will afford to drive (or eat for that matter) soon.

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