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Oil dropping pretty drastically
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Graham_Devon
Posts: 58,560 Forumite


Brent Crude currently down 7.2% to $106 a barrel.
US have said they will release extra oil supplies, so it's tanking.
Lovely! Should see diesel in the 120-129p range soon!
US have said they will release extra oil supplies, so it's tanking.
Lovely! Should see diesel in the 120-129p range soon!

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Seems a slightly odd move considering oil prices have been falling, albeit slowly, since the beginning of May.LONDON (MarketWatch) -- The International Energy Agency said Thursday that its 28 member countries have agreed to release 60 million barrels of oil in the coming month because of the ongoing disruption of oil supplies from Libya. The Libyan unrest removed 132 million barrels of light, sweet crude oil from the market by the end of May, according to IEA estimates. As part of the IEA move, the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve, which stands at 727 million barrels. This is the third time in the history of the IEA that its members have decided to release stocks. "I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy," said IEA Executive Director Nobuo Tanaka in a statement.
The recent politics have been intriguing with the Saudis increasing supply by 1m barrels a day after Iran helped block an OPEC increase."The state is the great fiction by which everybody seeks to live at the expense of everybody else." -- Frederic Bastiat, 1848.0 -
Quote:
LONDON (MarketWatch) -- The International Energy Agency said Thursday that its 28 member countries have agreed to release 60 million barrels of oil in the coming month because of the ongoing disruption of oil supplies from Libya. The Libyan unrest removed 132 million barrels of light, sweet crude oil from the market by the end of May, according to IEA estimates. As part of the IEA move, the U.S. will release 30 million barrels of oil from the Strategic Petroleum Reserve, which stands at 727 million barrels. This is the third time in the history of the IEA that its members have decided to release stocks. "I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy," said IEA Executive Director Nobuo Tanaka in a statement.
The world will have used 60 million barrels of oil by midnight. The 30 million barrels being released by the USA will have be gone by 8 pm.0 -
When was the last time oil was this price, and what did a gallon of petrol cost then?0
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Seems a slightly odd move considering oil prices have been falling, albeit slowly, since the beginning of May.
I certainly haven't see any significant drop in prices at the pumps since the prices have been dropping, what a surprise.
Usual story, they're quick enough to put prices up, then they never come back to their pre rise prices.0 -
So Pastor Williams was wrong then. Fancy that!
Maybe he will revise his predictions date, rapture style.0 -
As Spiv mentioned this represents 17 hours of global oil consumption....0
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Graham_Devon wrote: »Brent Crude currently down 7.2% to $106 a barrel.
US have said they will release extra oil supplies, so it's tanking.
Lovely! Should see diesel in the 120-129p range soon!
Devon. You have messed up.0 -
It was less than a week ago that the price of crude oil was pummelled, following a decision by the International Energy Agency to release 60 million barrels of oil from strategic reserves – a blow to energy speculators and anyone else who entertained visions of triple-digit oil prices. And now? On Wednesday afternoon, oil (CL-FT95.040.270.28%) traded close to $95 (U.S.) a barrel, up about $2 and marking a 4.7 per cent rebound from last week’s lows. That’s right, the price of oil is now higher than it was before the IEA announcement. (It settled in New York today at $94.77)
LOL You can't buck the market....0 -
oil on the up now 110 currently... lolPlan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0 -
I'll predict that fuel prices dont come down as quick as they went up!0
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