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Oil prices jump $22 today!!!

  • 22-09-2008 7:05pm
    #1
    DonJose
    Registered Users, Registered Users 2 Posts: 3,470 ✭✭✭


    I think we can forget about cheaper prices at the pumps, just saw on the news that oil prices jumped $22 to $126/barrel :eek:

    http://biz.yahoo.com/ap/080922/oil_prices.html


Comments

  • #2
    [Deleted User]
    Posts: 3,620 ✭✭✭ [Deleted User]


    Yeah futures are pricing in
    A falling dollar due to the fed bailout. The spot price has risen a smaller amount. Its too early to tell if this trend will continue..


  • #3
    Scottie99
    Registered Users, Registered Users 2 Posts: 1,290 ✭✭✭Scottie99


    Not quite $16.37 but yes HUGE jump! I bet though we'll see petrol prices increase in a couple of days...........double standards by oil companies


  • #4
    Hanley
    Banned (with Prison Access) Posts: 21,981 ✭✭✭✭Hanley


    Scottie99 wrote: »
    Not quite $16.37 but yes HUGE jump! I bet though we'll see petrol prices increase in a couple of days...........double standards by oil companies

    Lol yeah.... they're not much lower than when oil was at $145, but you can be sure they'll take a jump now just for the sake of it because the price of oil has risen!!


  • #5
    TheBazman
    Registered Users, Registered Users 2 Posts: 6,462 ✭✭✭TheBazman


    Mostly technical factors driving it - the "superspike" as it is being called was caused by most of the short sellers of the October oil future from the past couple of weeks being forced to cover back prior to futures expiry yesterday. The front contract is now the November future which is trading just below $109


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