Oil price 'driven up by speculators and politics' - Telegraph

Peter Voser, finance chief at Europe's biggest oil company, Royal Dutch Shell, warned the industry not to bank on record crude prices to drive revenues in the future, as prices rose to a record high of more than $91 a barrel in New York. He said the oil price was being driven up by speculators and political factors, rather than any fundamental problems with production and supply, and called predictions that the price per barrel would hit $100 "too speculative". "To be honest, we find it hard to explain the oil prices," said Mr Voser. Prices rose 1pc to $91.40 a barrel yesterday as concerns grew that supply from the Middle East could diminish with political uncertainty.

It doesn't seem that long ago that people were getting agitated at the prospect of oil at $60 a barrel and then $70 a barrel. The price hit $92 yesterday before dropping back slightly to just over $91 and it would be a brave man that placed a bet on it not reaching $100 in the near future.

But hey, it's not about oil, is it?