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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

Brent has hit the $30 pb level this morning. Sub $25 pb looking more likely now, imo.

Crude dive deepens as market braces for more Iranian oil

It is like yoyo, 50 points down, 50 points up....
US production is at all time high, 9.2mln bpd, from 5.5mln bpd in 2012. Aren't they responsible for price crash?
Saudi and Russia are doing their best to keep the prices low to punish US producers.

It appears that some producers in the US and almost all oil-sand companies are losing money, they will have to stop producing soon.
Iran is not a big issue. They were probably selling their oil in black market, they will start selling in open market, probably a bit more...

I heard yesterday on Bloomberg that Iran's cost to pump oil is approx $4 pb as they can just pump without any development costs. So presumably they will be content with spot oil at $28 pb.

$4!! where in Iran?
Their own estimate is about $9~$10 loaded.
I heard that their oil is high sulfur, heavy oil, sold less than Saudi. probably around $25 now

I think the $4 pb was just a pumping figure (ex-works).
I assume it is a Brent price, though I am not knowledgeable on oil grades.

Oil slides to lowest since 2003 as Iran sanctions lifted

Yes, but Iran was doing OK with current production. They receive $160 bln of their money released. They ordered 114 Airbus immediately....

Do you really think they will spend the cash to increase production at these silly prices?

I'm not sure what Carney is saying in his speech, but that's quite a red candle on the £ charts!

Bank of England's Carney says has no set timetable for rate rise

This is really worth a read.

It suggests that all the increase all the increase in crude oil production from 2005 until now isn't crude but condensate

http://www.oilvoice.com/n/The-great-condensate-con-Is-the-oil-glut-just-about-oil/c414efb2d98b.aspx#.Vpz2Qel986I.linkedin

Oil prices rip above $30 after ECB stimulus promise echoes

Shell vows more cuts as annual profit sinks on weak oil prices

Three month high for gold.