Peak oil review – June 1

1. Production and Prices

2. The rebound

3. Brazil

4. Briefs

1. Production and Prices

Oil prices surged to a six-month high above $66 a barrel last week, despite protests from most observers that fundamentals of supply and demand did not support such a move. A combination of factors was behind the sudden rise. Most important was the fall of the US dollar to a recent low of $1.41 against the Euro, sending traders into commodities for protection. An unexpectedly large drop in the US crude inventory of 5.4 million barrels and statements by the Saudi Oil minister that demand for oil from Asia was picking up contributed to the increase. […]

2. The rebound

For many months now the major question perplexing the world