Peak oil review – Aug 24

1. Production and prices

2. China

1. Production and prices

Oil, which traded below a $67 a barrel on Monday, touched $74.72 on Friday before closing at $73.98. The move, which sent oil prices to a new high for 2009, was primarily motivated by higher equity prices and speculation that the global economic picture is improving. The move was helped by an 8.4 million barrel drawdown in US crude stocks that was reported last Wednesday.

2. China