"We all know that oil recently touched an all-time high of $135 per barrel. But, true to form, the Manmohan Singh [Images] ministry announced the hike in prices when, on Wednesday the fourth of June, prices had fallen to $123 a barrel. Talk about bad timing!"
Well it again closed at $138/bbl yesterday. Very poorly timed article. Unfortunately the world today is left to speculator's whims and vagaries - be it food or fuel...
RE:Crude all time high of $138/bbl
by Prem Mohan on Jun 07, 2008 04:18 PM Permalink
There is a widespread feeling that forward trading is responsible for the price rise, but there is no evidence for this. In fact, the committee appointed by the Government of India found that there is no evidence that forward trading leads to price rise. Forward trading existed when crude oil was trading at US$25 a barrell.
