Crude Oil Board

Is there an international daily rate for crude oil (just like gold)?
If yes who sets this rate?

The price of crude oil is set separately on the three major international petroleum exchanges: the New York Mercantile Exchange, the International Petroleum Exchange in London and the Singapore International Monetary Exchange.

Speculators cited for high prices
From Herald News Services
Published: Friday, May 23, 2008

OPEC secretary general Abdalla el-Badri said speculators are playing an "important role" in the surge in oil prices to records and increasing production won't stem the surge.

Geopolitics and weakness in the U.S. dollar are also contributing to the rise in price, el-Badri said Thursday in a speech at Ecuador's Energy and Mines Ministry in Quito, as oil futures hit a record $135 US a barrel.

"There's an enormous amount of oil in the market," he said. "There's no shortage whatsoever."

It seems to me that the Peak Oil theory is a lot of nonsense and the fact is there's loads of oil available to access and more being discovered every day. No end in sight.

That's because oil is a black opaque liquid and looking down the well you can't see the bottom under the surface. If it were water, you could see the end very clearly, about 2 inches below the surface.

That's

Crude oil traded little change after dipping below $70 a barrel in new york.