Oil prices will stay above 100 dollars a barrel for the next couple of years according to the latest poll of energy industry analysts.
They have sharply revised their forecasts up because of the political tensions in the Middle East.
And that means potentially rich pickings for Manoj Patel a small investor – or for those who blame him for pushing up prices a speculator.
He explains his business as: “High risk, high reward,” and said he doesn’t buy oil, he buys oil futures: “I have no use of a single barrel of oil, I just trade it from a trading perspective.”
Michael Greenberger, the former head of the US government regulator of commodity futures complains that has an effect for all of us. :
“It’s accelerating the price of all oil products, gasoline, crude oil, heating oil and other energy products, for no good reason,” Greenberger said.
His former employer, the US Commodity Futures Trading Commission, is considering regulations to curb excessive speculation.
As for future prices, the only thing analysts agreed on is that protests in the Middle East and North Africa and the tragedy in Japan make it unusually difficult to forecast prices.
Copyright © 2014 euronewsMore about:
- 1Tesco accounting snafu now subject of criminal probe
- 2Russian oligarch Yevtushenkov ordered to hand over oil company shares to the state
- 3How to get financing for a start up with no credit history
- 4Over 50 countries sign up to fight against global tax evasion
- 5Germany jobless fall, inflation remains weak
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International tv news | euronews: European and International tv news bulletin
- 3Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 4Turkish president Erdogan unveils his new palace of a thousand rooms | euronews, world news
- 5Revealed: Europe’s capital cities where it’s hardest to be a foreigner | euronews, world news
- 6European Union News | euronews: latest breaking news and headlines about European Union
- 7Sweden becomes first European nation to recognise Palestine | euronews, world news
- 8All you need to know about the Ebola virus | euronews, world news
- 9How nasheeds became the soundtrack of jihad | euronews, world news
- 10What to expect in “The World of Ice and Fire,” George R.R. Martin’s new book | euronews, world news
- 11Where is the best place in Europe for women? | euronews, world news
- 12Philippe Starck: ‘Words like longevity and legacy have become almost avant-garde’ | euronews, the global conversation
- 13Ebola: Six new suspected cases in Spain | euronews, world news
- 14Learning through “serious games” | euronews, learning world
- 15International breaking news | euronews online world breaking news in video
- 16US says ISIL makes $1 million-a-day selling oil – even to enemies | euronews, world news
- 17Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 18International news | euronews, latest international news
- 19Sweden becomes first EU country to recognise the Palestinian State | euronews, world news
- 20US delivers technical aid to Ukraine but warns over security | euronews, world news
Wires > Business
- 18:53 CET Dollar General extends tender offer for Family Dollar shares again
- 18:31 CET Banks boost FX settlement war chest to as much as $6.5 billion
- 18:29 CET Virgin Money lending rises ahead of planned London listing
- 18:16 CET Banks lead FTSE higher after Japanese stimulus boost
- 18:09 CET Ex-Monte Paschi chairman sentenced to jail in derivatives case
- 18:08 CET British banks buoyed by new rules on risk buffers
- 18:02 CET Banks boost FX settlement war chest to as much as $6.5 billion
- 17:51 CET British banks buoyed by new rules on risk buffers