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While US demand projections are weakening as the world’s largest consumer of oil teeters on the brink of recession, crude markets have surged to a series of record highs above 100 usd in recent weeks. While financial speculation has been seen as one of the key reasons for oil’s recent gains, many investors still view the market as well enough supported by the traditional drivers of supply and demand to justify a move higher. The dollar’s decline has hit producer revenues hard, leading the organisation — which is responsible for almost 40 pct of global supplies — to adopt a more cautious approach. Some investors suggest recent price increases are justified, as long dated future contracts — for delivery much further down the line — have also pushed above 100 usd. Intraday data provided by ComStock , an Interactive Data Company and subject to the Terms of Use . Historical, current end-of-day data, and splits data provided by FT Interactive Data . read more

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