And it’s 5 percent higher than it was two weeks ago when the Western consuming nations announced they were selling off crude from their stocks to drive down the price. Next note the monthly chart below. The average price has been steady now for 2 1/2 months. It doesn’t seem like governments trying to manipulate the price have much luck. Iran’s oil minister argued last month that the price is influenced more by speculators who trade in futures but who never deal with real oil. They trade paper, but never touch the greasy stuff.
