Posted by: Tony Carson | 12 November, 2009

What is oil doing?

Great statistical view of oil, past and future, from the Globe and Mail’s Higher oil seen threatening recovery.

Oil prices reached a record high of $147 a barrel in July, 2008, helping fuel the recession. Prices then bottomed out at around $32 in December but have remained mostly above $65 for months, going as high as $82 a few weeks ago.

The IEA estimated global oil demand would average 84.8 million barrels a day in 2009, 1.7 per cent or 1.5 million barrels less than last year. In October, the agency’s forecast for 2009 was of 84.4 million barrels a day.

It’s conclusion:

… global oil demand to show a positive annual growth rate in the fourth quarter of this year – the first time that will have happened since the second quarter of 2008.

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