Peak oil review – July 6

1. Production and Prices

2. The Iraqi auction

1. Production and Prices

Crude prices started the week firmly as traders hoped for an improvement in the US economy, the US dollar remained weak, and Nigerian militant attacks continued to cut production. On Tuesday prices jumped to $73 a barrel when a rogue trader in London, acting without authorization, amassed huge positions in Brent crude, losing his firm $10 million in the process. By Thursday, concerns shifted back to the state of the US economy with the release of worse-than-expected job numbers. With hopes that an economic recovery would start later this year fading, the equity markets dropped sharply taking oil prices with them. Prices fell from nearly $72 a barrel on Tuesday to touch a low of $66.10 on Friday. […]

2. The Iraqi auction