As I type this… that’s what has happened.



That live ticker may be reading something else when you look at this posting, but as I type, it now reads $109 for a barrel of oil (it was $107 a couple of hours ago). So, that’s getting pretty close to a 10% rise in the last month.

Indeed, such was the increase today, the BBC story here was originally reporting prices at $108, and it’s now updated to say $109.

Now, there are many contributing factors leading to this. Supply can’t meet demand (OPEC recently decided to increase production to reduce the cost of oil… did they have any choice in the matter, or were they geologically constrained??), people investing in commodities in a shaky stock market, and the fact that the dollar is tanking big time (and if the dollar is tanking, so is the UK Pound).
Either way, it’s all going rather FUBAR.
For example, it looks like various Central Banks are needing to take action again.

Meanwhile, Matt Simmons has been on CNBC, discussing the oil price. There’s some video on that link.

Finally, something from the FT.
FT