Posted on 07/07/2008 12:54:53 PM PDT by decimon
NEW YORK (AFP) - Oil prices fell sharply Monday in a move some traders attributed to an ease in geopolitical tensions related to Iran's nuclear program and a strengthening US dollar.
New York's main oil futures contract, light sweet crude for August delivery, slumped a hefty 3.92 dollars to close at 141.37 dollars. The contract had earlier fallen over five dollars before trimming some of its losses.
In London, Brent North Sea crude for August settled down 2.55 dollars at 141.87 dollars a barrel.
(Excerpt) Read more at news.yahoo.com ...
But 141USD is still high.
Very high
Doubly too high.
Remember the good old days when we thought $80.00 was high?
Seems like just days ago. Nearly is just days ago.
WHAT THE HECK AM I SAYING!!!! THE DIMS DON'T WANT THAT TO HAPPEN.
In my book, at $141.00 a barrel, $3.92 doesn’t quite qualify as ‘hefty’.
Iran tensions eased with reports that Iran is resuming its nuke bomb program and Iammadjohn issued the daily Death to Isreal statement. Stocks make big recovery, ending down 65.
Nope. Down $30 would be hefty. Down $3.92 is chump change.
And yet the price of oil fell. Hey, I didn't say this makes sense.
Down a hefty $3.92 as compared to up a trifling $5.00.
Seems like just days ago. Nearly is just days ago.
December 2006 - MarketsSource: Petroleum-Economist.comOil prices fall to 12-month low
OIL PRICES fell to their lowest level for a year last month. US light crude futures dropped below $56/b around the middle of November. But towards the end of the month, there were signs of a recovery. Brent was moving back up towards $60/b in anticipation of a fall in US distillate and gasoline stocks. Brent closed at $59.68/b on 20 November – well within the 52-week average range.
The dimocRATs took over Congress in January 2007. Just sayin'...
Islamic Iran suspended their nuclear program for all of SIX DAYS! That’s reducing tensions?
Are WE nuts? those of us who clutch at straws where lying, cheating, delaying. hypocrytical, ruthless, thuggish Islamic Iran is involved?
I did not run out adjectives, just patience. :-))
Hey, there’s a hurricane prowling the Atlantic. Let it blow a little wind on ANY oil platform and the price of oil will return to where it was before this price drop. That you can count on.
NO.. its some democrats have seen its quite stupid to be for NOT DRILLING..
and may cost Osama Hussein the Presidency..
Even democrats wince at paying $100 to fill the tank ONE TIME..
That could be too. If the legislative tide is turning towards increased domestic supply then investment psychology will turn as well.
I think that some folks wanted to hold oil futures over the holiday weekend, just in case there was a terrorist attack against the world’s oil infrastructure.
After the weekend those folks sold off and the price has returned to $141.00 per barrel. I wish I could say that I was confident that oil prices would continue to fall...but I’m not.
Slump my backside. $120.00 a barrel is a travesty of titanic proportions.
Place a comma after 'Slump' and Ill agree with you.
Heavily? What, 2.5% mol is “heavily”?
And the subway service is terrible out there. Maybe they'll vote Nosferatu out next election.
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