On February 27, the prices crossed the $100-mark to rule at $102.08.
'After all what is the difference between predicting an oil price for 2016 or 2012, both are a good way away from now. No one can predict what will be happening in 2016, Iran may well be part of the United States’ empire by then, China may be in recession and the military may be back in charge of Venezuela. What would that do to oil prices? '
'What contango -- and its opposite, backwardation -- really does is spell out the slightly ephemeral part of today’s market. It is a bit like tuning in your radio with one knob on the side of your set and then fine tuning it with another.'
Image: Code Pink members Desiree Farooz (C) and Toby Blome (L) protests during a hearing of the Senate Judiciary Committee against oil price rise. | Photograph: by Alex Wong/Getty Images
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