by Calculated Risk on 8/04/2008 01:21:00 PM

The following chart shows just how far oil prices have risen:

Click on graph for larger image in new window.

This graph shows the monthly nearest futures price ranges for Brent Crude Oil since 1998. (sorry the image is blurred)

The recent pullback is pretty minor compared to the huge run up in oil prices since 2007.

If demand destruction is outweighing other supply and demand issues, I'd expect prices to fall much further.