I came across a post by Derek Thompson from the Atlantic about the main factors that affect the current crude oil prices.
This is a good visual of the main factors that affect the current crude oil prices, even though I don’t agree entirely with the analysis; here are a couple of points ton consider when reading that post:
Note that the effect the main contributing factors has on spot oil prices changes very rapidly and currently the effects of speculation around crude oil and the Middle East turmoil increased dramatically during 2011 compared to 2010.
Also the importance of Brazil is from the supply side and less from the demand side because Brazil is the top oil producer in South America; And Brazil is still producing more than it consumes, and according to EIA report it’s expected that it will remain so until the end of 2012.
The current crude oil prices are traded with mixed trend:
The Nymex crude oil price, short term futures (June 2011 delivery) is traded at 110.82 USD / barrel, a 0.23 USD/b decrease or 0.21%, as of 13.42*.
The Dated Brent spot crude oil rises by 0.32$/b and it is at 122.37 USD / barrel as of 13.52*.
For more on this subject: