On April 28, crude was ruling at $119.93.
'The more troubling underlying problems continue to haunt the markets however. First of all there is not actually any great newsflow that is troubling the market. There are no extra wars in the Middle East (beyond the catastrophe in Iraq), the Nigerian situation does not really bother the market - except in times of very tight supply issues -- and a recent spat between Venezuela and the US over intrusion into airspace was quickly forgotten by the markets.'
'But what could propel oil up into very dangerous territory for the Organisation for Economic Co-operation and Development (OECD) economies -- if it is not there already -- is some kind of new news event.'
Image: Indian activists of the Socialist Unity Center of India listen to a speech against the Congress-led United Progressive Alliance government and the rising petrol prices. | Photograph: Prakash Singh/AFP/Getty Images
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