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Spiking up this afternoon by over $2

Oil spiking UP again after being marked down earlier this morning

WTI

Oil rises after Saudi Arabia reiterates willing to work with non-OPEC

Oil up on Saudi vow for stable prices; glut, firm dollar weigh

CRUDE OIL TECHNICAL ANALYSIS – WTI oil price is on a third day of rebound from a recent support level at 40.07. A support-turn-resistance tops the upside at 42.58. Price action is focusing on higher moves as momentum builds up. The bulls could consider taking trades if price breaks above current resistance level, with target at the last top at 48.33.

Some retracement and moving higher again

Intraday Oil price futures - WTI light sweet ------------------------------------------------------ BRENT crude ---------------------

Oil at lowest in almost seven years on OPEC inaction, strong dollar

Oil tumbles towards 11-year lows on worsening glut

Crude has risen by a dollar in the last hour or so.

And there was I thinking oil was about to break up!

Gold above $1100.

Oil rig count falls by 20 this week but still oil drops on the news. I'm getting a little frustrated but maybe the end game is in sight now.

Gold struggling to hold above $1100.

I think even big companies cannot justify investing or even producing oil at some places.
The price has to jump above 40.

Morgan Stanley now predicting $20 pb.

Currently down another $2 on the day.

I wonder if the oil price is specified based on the prices of oil which are traded, or trades are made based on artificial prices? If the latter, what is the formula which is used for calculating the price.

If the fall is due to oversupply, US, Saudi, and Russia are flooding the market. Other produces are either producing less or almost the same as last year. So criticizing OPEC is not really right. 4.2% down now.

The CEO of Man Group on Bloomberg today, has said that if the chinese economy shrinks to 3-4% growth in 2016, that equates to a 30-40% reduction in demand for oil in China. He sees reduction in demand (aided by better electric cars) as a greater threat to the oil price than over supply.

BP plans new deep staff cuts to withstand oil price storm

Oil rises for first time in eight days as China imports hit record