Oil Prices: where now?

On Webdiary we’ve gone round the the Peak Oil loop more than a few times over the last few years (eg here). A new point of interest has arisen over this week: for the first time in the last few years the oil futures price has come out of its persistent state of contango as it rose back over USD75. What does this mean? Well, the short answer is, for the first time in a long while, oil futures dealers are not on balance convinced that the next move in the oil price is necessarily up.

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