Behind the recent bump in price is Saudi Arabia's decision to slash how much oil it sends to global markets through the end of the year.
“We see the upside potential for the oil price as being virtually used up and if anything envisage setback potential in view of the weak economy,” said Thu Lan Nguyen, Commerzbank head of commodities research who foresees oil at $85 per barrel by year's end. “The oil price is only likely to climb more lastingly once the economic outlook begins to brighten, which should be the case next year.”
“Much of the price surge beyond $85 per barrel is due to a flood of speculative money, while fundamentally there is still plenty of oil in the world to meet demand for now,” said Gary Peach, oil markets analyst at Energy Intelligence. , especially in the U.S., where roughly half the pump price reflects the cost of crude — the rest is marketing, taxes and other costs.
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