Crude Oil Price Trends

From Reuters, via Upstream, a graph of crude oil prices so far in 2008 (x-axis descriptors are months, y-axis is $US/barrel):

Daily Crude Oil Prices, 2008

Daily Crude Oil Prices, 2008

Anybody else notice a trend here?  Who believes that speculators are responsible for the entire amount of the increase?

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2 Responses to Crude Oil Price Trends

  1. Terry says:

    Considering the anti speculation law that was introduced in Congress July 16th, the oil started to settle downward and continued downward through to the bill passing it’s first reading 94 – 0 on the 22nd. With more downward motion continuing.

    Since the 16th no upward spikes with the usual slight downward return on profiting the next day.

    I am convinced.

  2. wilco278 says:

    Terry,
    The downward trend in oil prices could also be at least partially attributed to the fact that we beginning to drive less, leading to an unexpected increase in refined product supplies. Refined product consumption has dropped nearly 200,000 barrels/day in the past two weeks while production has increased slightly.

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