$133 vs. $99. What Is the Real Price for a Barrel of Oil?

Which oil price is the right one? These days, the price of a physical barrel of oil is significantly higher than what oil prices in financial markets suggest.

Dated Brent, which reflects oil for actual physical delivery 10 to 30 days out, has risen to $132.74 a barrel as of Monday. Brent futures for the nearest delivery settled at $99.36 a barrel. The gap between the two prices is historic, according to Gary Ross, chief executive officer of Black Gold Investors. Never has the market seen an oil-market disruption of this size, or such uncertainty over what might happen next, he added.