1.21 for diesel is underestimated. More likely to be 1.24/1.25. Oil and refinery prices continuing to rise with a prediction in the short term of $90 per barrell

My error - I was looking at Home Heat prices. Revised price for Diesel is 1.23 / litre (ouch!)

I noticed on my way into work this morning that 3 stations in a rown were now up to 131.9 for petrol and 121.9 for diesel!

Looking at things today it looks possible that the pumps may hit 128.9 in the next few weeks. It's going to start forcing people off the road

Haven't they already hit more than that in some places?

prices have been pulling back from highs since Thursday and dollar has been weakening, so I think we're at a high at the moment with prices due for a small drop (3c) in a couple of weeks.

The drop was very short lived as the price of a barrell is once again approaching $83 per barrell.

I'm going to predict a fairly decent drop in oil prices over the next few weeks - possibly back to  mid $60's.

Reasons -

1. Overproduction

2. US economy not as robust as thought

3. China growth is being pulled back by gov. measures.

4. 2 year chart suggests a top in prices and trendline should turn down.

Fingers crossed so

OPEC have announced that they need to be selling in the 75-85 dollars a barrel. Don't think there will be an immediate drop and price has risen this week from $80 to $83.5

Looks like the tecnical ceiling has been breached, so prices may be headed higher uin the short term.

From commodity forecasting site:

Prices look to have made a major technical break higher, taking out horizontal resistance at $83.19 to push well above the $84 figure. This opens the door for a move to the top of a large rising channel that has guided prices since mid-2009, now at $91.19. Upcoming US economic data looks supportive of continued upside in Thursday trade, with the ISM Manufacturing gauge set to rise to rebound in March after slipping in the previous month while weekly jobless claims figures track lower. Risk trends point in the same direction, with US equity index futures tracking 0.5 percent higher ahead of the opening bell on Wall St. Still, we remain skeptical of this advance with markets likely positioning themselves ahead of the release of the Nonfarm Payrolls report. The figures are set to cross the wires while trading is closed for the Good Friday holiday, encouraging investors to adjust their positions for the most likely scenario. Indeed, forecasts call for the US economy to have gained 184,000 jobs in March, the largest increase in three years