For those who appreciate seeing the mechanics of rising oil prices, here’s a classic illustration from AME Info:

Oil tanker firms are demanding premiums as high as 14% to load crude from Syria because of its proximity to fighting in Israel and Lebanon, Bloomberg reported. The news agency cited a report by London-based E.A. Shipbrokers which said oil loadings from Syria are commanding rates ‘well into the WS200s’.

Nevertheless, the financial press proclaims that oil prices are dipping in response to Condoleezza Rice’s diplomatic shuttling — which is very nice if you think $73.13/barrel is cause for celebration.

Advertisements