Oil market fireworks on the way ...

[Plzr]

Does the fact that Iraq's meager 1.6m bbl/day oil output represents the WORLD's excess production capacity make anyone uneasy? How about now that a critical Iraqi pipeline has been sabotaged, choking off all exports?
The fireworks may be just beginning, one more blow to production in the region may be the straw that breaks the camel's back!

[adios]

Oil up $0.18 a barrel today. The Iraqi news combined with the DOE announcment that U.S. oil inventories increased less than expected combined with the recent developments in Saudi Arabia would seemingly have a bigger impact on prices. The price per barrel has fallen recently from it's all time high of $41 to around $37.40 today. Methinks oil prices may have peaked for the intermediate term. Nothing like increased prices to bring on lots of supply.