Investors Bet On $100-a-Barrel Oil Until 2016
By Michelle Krebs March 17, 2008The Financial Times reports investors are betting $100-a-barrel oil will last through 2016.
The London newspaper reports every futures contract until December 2016 finished last week above $100 a barrel for the first time. The five-year forward price has risen 45.3 percent since September, and the spot price has risen by 38.1 percent.
Meantine, the International Energy Agency, the western countriesâ oil watchdog, was meeting with financial, trading, producing, refining and economic experts Monday to discuss the roots of the current price rise. Oil hit a record $111 a barrel last week, compared with $50 a barrel in early 2007.
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