Why is the price of oil going up?

For what it is worth, I heard on the radio yesterday that it has NOTHING to do with supply/demand BUT that it is speculators ... this is NOT me saying this but repeating what I heard to answer your question.

???

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Is it just that summer is approaching or do you think something else is going on? Of course, there are probably many reasons, but what are your theories?

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Supply/Demand plus futures trading (speculation). For the most part the oil supply is a mystery - the Saudis are very tight with info on their production.

The DJ Commodity index is up 30% year over year. Oil is not rising while other commodity prices have remained stable. For instance iron ore has recently spiked more than oil.

Oil happens to be a commodity that stands out because it is reported by MSM more than rice, wheat, et al, and it is also noticed because drivers stop for gas fairly often and see the price increases/decreases.

If you want to know specifically 'why oil prices are going up' you can pick theories put forward by bloggers talking their books...or, for a novel approach, read the entire link (and other sources) and form your own opinion.

See the 5th chart down page at this link: LINK