Oil down to $115 a barrel

[Mst007]

I just googled oil prices and found that a barrel has dropped in less than a month from $145 to £115. (http://www.oil-price.net/)Last time I checked it was $125 about a week ago. Anyone have any ideas on the cause, are the hedgers looking elsewhere?

[krusty]

I noticed that Fuel Oil has come down 10p per litre over the last month (15%) I don't notice those sort of percentage drops at the pump though...

[Olf]

Mst007 said:

I just googled oil prices and found that a barrel has dropped in less than a month from $145 to £115. (http://www.oil-price.net/)Last time I checked it was $125 about a week ago. Anyone have any ideas on the cause, are the hedgers looking elsewhere?

Not being funny but I can't understand why you would keep regular tabs on oil prices but not do a bit of reading around the subject to find out why the prices are moving.

Anyway. Supply is up and use is slowing and the speculators have probably had their knuckles rapped at a very high level. It'll start rising again soon though if the Georgia adventure doesn't calm down.

[thinfourth2]

Oil going down = less profit for oil company = petrol prices are going to rise

[escargot]

Mst007 said:

I just googled oil prices and found that a barrel has dropped in less than a month from $145 to £115.

That would've been an expensive mistake to make if you worked in the city

[Mst007]

Thanks for the criticism guys. Olf, to answer your question, wife having a lazy sunday morning, 4 kids to watch, desparate to be able to do "my stuff" but can`t. Bugger....

Thought I`d impose upon the PH massive instead in search of enlightenment

Edited by Mst007 on Sunday 10th August 11:39

[Racingdude009]

I doubt it will stay down in the long term.

Of course a global recession would hit demand and that would reflect in prices.

[GTIR]

Funny isnt it, as soon as the price of oil goes up everyone is complaining and moaning but as it drops to its lowest level for months...all is quite on PH land.

[shadowninja]

GTIR said:

Funny isnt it, as soon as the price of oil goes up everyone is complaining and moaning but as it drops to its lowest level for months...all is quite on PH land.

You're right. I'm going to start a petition to increase petrol tax!