The Conservative Cave
Current Events => Economics => Topic started by: Chris_ on March 20, 2008, 05:36:39 PM
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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?
MORE (http://biz.yahoo.com/rb/080320/markets_oil.html?.v=1)
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So how long before gas prices drop accordingly?
A quarter past maybe.
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The price of oil could drop to $60.00 tomorrow if the USA announced an all-out immediate exploration and drilling program. Funny, no?