LONDON (Reuters) - Oil fell toward $55 on Friday, hitting its lowest level since mid-2005 driven by fund selling across commodity markets on concern of an economic slowdown in the world's largest energy consumer the United States.
Oil drew further downward momentum from high U.S. oil inventories and ahead of the expiry of the front-month U.S. crude contract at the close of trade on Friday.
U.S. crude was down $1.01 at $55.25 a barrel at 1327 GMT after hitting its lowest level since June 14 last year at $54.86. The price has fallen over 29 percent from the record of $78.40 in July.
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Can someone tell me why Bush is still controlling the price of oil now that the pubs lost?
Just saw a news report stating that some are expecting the price to dip back below $2 a gallon soon [img]graemlins/thumbs_up.gif[/img] [img]graemlins/thumbs_up.gif[/img] [img]cool.gif[/img]
Thought they were suppsed to go WAAAAAAAAAAYYYYYYYYY UP after the elections?!?!?!?! [img]graemlins/hmmm.gif[/img]
" Oil fell toward $55 on Friday, hitting its lowest level since mid-2005 driven by fund selling across commodity markets on concern of an economic slowdown in the world's largest energy consumer the United States."
Uhhh, it may look good in the short run, but is this actually good news?
<font color="#a62a2a" size="1">[ November 17, 2006 11:48 PM: Message edited by: LanDroid ]</font>
Funny thing is, that it's was still in the $2.20's yesterday [img]graemlins/hmmm.gif[/img]
<font size="2" face="Verdana, Helvetica, sans-serif">That's b/c of the Holidays coming up.Originally posted by cincygreg:
Funny thing is, that it's was still in the $2.20's yesterday [img]graemlins/hmmm.gif[/img]
Actually, it went down a few cents yesterday afternoon.
Down in the $2.15 area now.
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