Oil drops below $100

[Chris_]

Oil drops below $100

LONDON (Reuters) - Oil fell below $100 a barrel on Thursday for the first time in two weeks, extending a hefty sell-off in the previous session on growing concerns an economic slowdown in top consumer the United States would undermine global energy demand.

U.S. crude was down $3.00 to $99.54 barrel by 1302 GMT, and the first time since March 5 that it has fallen below $100, adding to an almost $5 loss on Wednesday.

London Brent crude fell $2.42 to $98.31 by 1305 GMT.

"We continue to see profit-taking among commodities. There are also macro-economic concerns about the economy and the dollar has been doing better," said Mike Wittner, global head of oil market research in London for Societe Generale.

Gold dropped more than 4 percent to a one-month low Thursday, while platinum slid more than 5 percent to $1,820 an ounce, the lowest since early February as funds cashed in..

Oil and other commodities had struck a series of record highs since the beginning of the year as investors fled stocks markets and took refuge in dollar-denominated assets.

U.S. oil prices averaged around $97 a barrel since the beginning of this year, up from $72.30 in 2007.

So how long before gas prices drop accordingly?

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[SSG Snuggle Bunny]

So how long before gas prices drop accordingly?

A quarter past maybe.

[Lord Undies]

The price of oil could drop to $60.00 tomorrow if the USA announced an all-out immediate exploration and drilling program.  Funny, no?