The Oil Price Closely Observed

The Oil Price Closely Observed

from OilPrice.com Daily News Update by ferd@oilprice.com (Ferdinand E. Banks)

When recently asked why the (West Texas Intermediate) oil price at the end of June (2011) had declined from 112 dollars per barrel (=$112/b) to almost 90$/b in a fairly short time, I informed some visitors to the 2011 international meeting of the International Association for Energy Economics (IAEE, Stockholm) that it was probably because the OPEC directors were on their vacations instead of at their desks in Vienna, and as a result, when the oil price suddenly and unexpectedly moved below what I regard as its focal point, unadulterated market forces were able to take command, and the oil
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