The Conservative Cave
Current Events => Economics => Topic started by: Wretched Excess on September 03, 2008, 11:10:42 AM
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it's harder and harder to be doomed these days.
Oil falls on global demand fears, stronger dollar
NEW YORK - Oil prices extended their losses Wednesday, a day after plunging nearly $6 a barrel, as oil market traders shifted their attention from tropical weather to a stronger dollar and falling demand for petroleum products.
Light, sweet crude for October delivery fell $1.07 to $108.64 a barrel on the New York Mercantile Exchange, after earlier dipping as low as $107.32.
On Tuesday, crude plummeted in a dramatic sell-off after it became clear that Hurricane Gustav had left the U.S. oil infrastructure without major damage. Prices settled at $109.71 a barrel, down $5.75 from the close of trading Friday, before the Labor Day weekend; U.S. floor trading was closed Monday.
At one point Tuesday, crude fell as low as $105.46, its lowest level since April.
Since oil prices reached a record $147.27 on July 11, sentiment among traders has shifted to expect slowing economic growth in the U.S., Europe and Japan will likely spread to developing countries and undermine crude demand.
More (http://news.yahoo.com/s/ap/20080903/ap_on_bi_ge/oil_prices)
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The only thing that sucks is prices aren't reflecting this. I saw it hit 3.49 a gallon here and now it's back up to 3.59, but it won't budge lower. In my estimation it should be closer to 3 bucks a gallon.
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The only thing that sucks is prices aren't reflecting this. I saw it hit 3.49 a gallon here and now it's back up to 3.59, but it won't budge lower. In my estimation it should be closer to 3 bucks a gallon.
I paid $3.61 yesterday, but it was selling for $3.36 the other week.