WORLD CRUDE OIL PRICES, THE NEW GLOBAL CURRENCY.

Why Crude Oil Is Our World Currency

Wars are fought over crude oil, and until other fuels can replace it, more wars will be fought over it. And if there are crises in Iran, Nigeria, Iraq, Russia, Mexico and Venezuela — all oil-producing nations — a lot can go wrong in a hurry for the oil markets, sending prices skyward.

So I believe the price of crude will easily top $100 per barrel again in the next couple of years, and I think we will see oil assets also double in value when the price spikes again.

Considering all of this, you can see why I view crude oil as the global currency of choice. And as the global economy rebounds late this year or next year, demand for energy will rise again, sending prices of crude and natural gas higher.

World Crude Oil Prices
(Dollars per Barrel)
Period:
Weekly
Crude Type

01/29/10 02/05/10 02/12/10 02/19/10 02/26/10 03/05/10 View
History
Total World
71.99 72.28 70.42 73.46 75.98 76.45 1978-2010
United States
71.29 70.76 70.13 72.87 75.51 75.78 1978-2010
OPEC* Average
71.97 72.77 70.35 73.50 75.99 76.66 1978-2010
Abu Dhabi, Murban 39º
74.23 74.97 72.41 75.69 77.70 77.53 1978-2010
Algeria, Saharan Blend 44º
73.28 73.98 71.60 74.84 77.29 78.34 1978-2010
Angola, Cabinda 32º
72.66 73.25 70.77 73.89 76.60 77.63 1989-2010
Dubai, Fateh 32º
72.67 73.20 70.71 73.83 75.75 75.67 1978-2010
Ecuador, Oriente 30º
68.20 68.69 67.68 69.70 70.96 72.02 1978-2010
Iran, Heavy 30º
71.43 71.93 69.46 72.58 75.30 76.39 1978-2010
Iran, Light 34º
71.83 72.33 69.86 72.83 75.55 76.64 1978-2010
Iraq, Kirkuk 36º
71.94 72.58 70.29 73.02 75.34 75.87 1978-2010
Kuwait, Kuwait 31º
71.98 72.56 70.09 73.22 75.12 74.70 1978-2010
Libya, Es Sider 37º
73.03 73.38 70.91 73.59 76.10 76.68 1978-2010
Neutral Zone, Khafji 28º
70.76 71.99 69.51 72.80 75.64 76.37 1999-2010
Nigeria, Bonny Light 37º
74.41 74.99 72.47 75.48 78.07 79.35 1978-2010
Nigeria, Forcados 31º
73.66 74.28 71.74 74.98 77.94 79.13 1978-2010
Qatar, Dukhan 40º
73.88 74.60 72.02 75.33 77.03 76.71 1978-2010
Saudi Arabia, Arabian Heavy 27º
69.16 70.14 67.66 70.95 73.79 74.92 1978-2010
Saudi Arabia, Arabian Light 34º
70.76 71.99 69.51 72.80 75.64 76.37 1978-2010
Saudi Arabia, Arabian Medium 31º
69.66 70.79 68.31 71.60 74.44 75.37 1978-2010
Venezeula, Bachaquero 17º
NA NA NA NA NA NA 1978-2010
Venezeula, Bachaquero 24º
NA NA NA NA NA NA 1978-2010
Venezuela, Tia Juana Light 31º
71.99 73.01 71.24 74.69 76.94 77.67 1978-2010
Non-OPEC* Average
72.02 71.63 70.50 73.40 75.95 76.16 1978-2010
Australia, Gippsland 42º
76.03 76.33 73.57 76.78 79.32 79.20 1989-2010
Brunei, Seria Light 37º
1978-2003
Cameroon, Kole 34º
71.80 72.74 70.47 73.68 76.42 77.56 1989-2010
Canada, Canadian Par 40º
72.48 69.16 74.57 76.07 79.13 78.83 1993-2010
Canada, Heavy Hardisty 22º
70.30 66.68 68.35 70.49 74.02 73.79 2007-2010
Canada, Lloyd blend 22º
1989-2007
China, Daqing 33º
71.37 71.50 69.52 73.33 75.77 75.34 1978-2010
Colombia, Cano Limon 30º
74.76 75.46 73.61 76.84 78.24 78.60 1989-2010
Egypt, Suez Blend 33º
69.31 69.71 67.27 69.98 72.46 73.01 1978-2010
Gabon, Mandji 30º
NA NA NA NA NA NA 1978-2010
Indonesia, Minas 34º
74.86 74.67 72.84 77.08 79.58 79.10 1978-2010
Malaysia, Tapis Blend 44º
76.43 76.71 74.07 77.28 79.76 79.67 1978-2010
Mexico, Isthmus 33º
71.88 72.90 71.13 74.58 76.83 77.56 1978-2010
Mexico, Maya 22º
66.91 67.20 65.48 68.74 70.44 69.76 1989-2010
Norway, Ekofisk Blend 42º
73.52 73.98 71.46 74.55 77.04 78.07 1978-2010
Oman, Oman Blend 34º
72.99 73.61 71.17 74.31 76.18 76.13 1978-2010
Russia, Urals 32º
71.95 72.41 69.73 72.88 75.31 75.61 1978-2010
United Kingdom, Brent Blend 38º
72.32 73.05 70.52 73.75 76.41 77.41 1989-2010
– = No Data Reported;  — = Not Applicable;  NA = Not Available;  W = Withheld to avoid disclosure of individual company data.
Notes: *Countries listed under OPEC and non-OPEC are based on current affiliations. OPEC and non-OPEC averages are based on affiliations for the stated period of time which may differ from current affiliations. Indonesia withdrew from OPEC in January 2009, Angola joined OPEC in January 2007, Ecuador withdrew from OPEC in January 1993 and rejoined in November 2007, and Gabon withdrew from OPEC in July 1996. Estimated contract prices based on government-selling prices, netback values, or spot market quotations. All prices are f.o.b. at the foreign port of landing except where noted; 30 day payment plan except where noted. Iraq, Kirkuk 36º is the netback price at the U.S. Gulf. Total OPEC is the netback price at the U.S. Gulf. Total World, United States, OPEC, and Non-OPEC are average prices (f.o.b.) weighted by estimated export volume. Egypt, Suez Blend 33º is on 60 days credit. Effective with the week ending July 6, 2007, Llolyd Blend crude stream data are no longer available; a similar crude stream Heavy Hardisty has replaced this category. Brunei, Seria Light 37º contract prices are no longer available for use in weekly calculations. Russia, Urals 32º price (f.o.b.) to Mediterranean destinations; also called Urals. United States average price (f.o.b.) is weighted by estimated import volume. The Canadian crude prices have been changed to U.S. dollars.  See Definitions, Sources, and Notes link above for more information on this table.
Release Date: 3/10/2010
Next Release Date: 3/17/2010

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