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The economy's of the world are booming, (or so they would have you believe) why is oil going down the pan?

Oil prices spiking at the moment

Brent crude @4+month high.

Botched Doha deal undermines OPEC credibility, oil prices tumble

Oil on a run.

Talks of another meeting in May plus inventory data better than expected.

I am surprised oil moving up so fast over the last month. Perhaps the shorters keep getting stopped out?

Oil steadies as IEA expects biggest non-OPEC output fall in 25 years

Falling output and weaker dollar push oil to 2016 high

USD Crude Oil Inventories 2.0M 1.4M 2.1M

Oil gushes past last resistance

Gold toying with 12+ month highs.

Oil rig count down another 11 this week to 332. I'm wondering just how long it will go as the fall doesn't appear to be slowing yet and in 30 weeks it will be down to zero ;-)

http://uk.businessinsider.com/baker-hughes-rig-count-april-29-2016-4?r=US&IR=T

I think the many of the commentators are conveniently ignoring the fact that all the excess is in storage, whereas in previous times, there was lots of spare capacity to bring onstream

Oil to get cheaper - By Lance Roberts - Tue, 3rd May 2016 - 13:48

Last week, I wrote a fairly extensive post on why I think oil prices are nearing their peak and made a case for trimming back on oil & energy related exposure. To wit:"In a nutshell, the very easy near-term gains have likely already been seen. As I will explain below, the fundamental and technical backdrop suggests there will be plenty of opportunities for patient, long-term investors to pick up oil/energy exposure at cheaper levels in the months ahead. "With supply and demand imbalance likely to remain for years to come, it is very likely that we will once again return to a long period of volatile prices within a very confined range, as seen during the 1980s-1990s. Therefore, for those wanting to invest in oil and energy related positions, the shorter-term price dynamics are going to be substantially more important.

"If we take a look at the 'Commitment Of Traders' report, we see that exuberance over the recent surge in energy prices has pushed the number of oil contracts back to the second-highest levels on record.

"As with the past, these surges in contracts have typically denoted short-term peaks in oil prices. This time is likely going to be no different."

A technical look at oil prices also suggests near-term profit taking in energy-related positions is likely a good idea. As shown, oil prices are not only trading at the top of a long-term downtrend channel, but are also pushing two standard deviations above the mean.

With momentum and prices at extreme overbought conditions, a near-term reversion is very likely. I have noted each previous peak price in oil with vertical blue-dashed lines.

Of course, one of the main drivers of such a reversion would be a reversal of the recent weakness in the dollar. Like the advance in oil, the decline in the dollar has also been just as extreme.

Brent toying with $48.

Well it was!!!

Having another go. It seems to be buy the dips right now

Oil prices rise on Nigerian outages, Goldman forecast

$49.

Hmm, I think I might hang on to the can of Castrol GTX, that I found at the back of my garage, for a week or two more before I put it on eBay!

Oil rally suggests supply worries wane, but for how long?