Listening...the world is going crazy
Oil prices hit 13-month low
Worries about declining demand send crude prices plummeting more than $6 a barrel.
By Kenneth Musante, CNNMoney.com staff writer
Last Updated: October 10, 2008: 9:37 AM ET
NEW YORK (CNNMoney.com) — Oil prices plunged to a 13-month low Friday as investors worried that the weakening global economy was driving down demand for fuel worldwide.
U.S. crude for November delivery sank $6.96 to $79.63 a barrel in electronic trading, its lowest level since crude traded in the high $70 range in September of last year.
Investors remain concerned that a crumbling economy was causing businesses and consumers to cut back on fuel consumption.
If oil ends the day below $80 a barrel, prices could slide even further, according to James Cordier, founder of OptionSellers.com in Florida.
“People have to remember oil used to trade for the longest time at $35-$40 a barrel,” said Cordier, referring to prices not seen since 2004. “The consumption that we saw back then, we could see it again.”
Worries about the economy have weighed heavily on the world markets this week. Stocks and commodities have all fallen in the United States since Monday as the euro sank to fresh lows against the dollar, and U.S. treasury bonds, often considered a safe haven in times of economic strife, were extremely volatile.
(Excerpt) Read more at money.cnn.com ...
Not only should Obama the islamosocialist (not much difference really), be gleeful, but Joe Biden, who’s hero is Woodrow Wilson as well.
This will cause problems between the NWO vs. Islam.