Posted on 08/08/2008 12:40:03 PM PDT by NormsRevenge
LONDON (AFP) - Crude prices continued their dizzying spiral down on Friday, shedding nearly four dollars to trade below 114 dollars a barrel as the US currency strengthened amid concerns about energy demand, dealers said.
Brent North Sea crude for September delivery hit an intra-day low of 113.55 dollars a barrel. It recovered slightly to stand at 114.06 dollars, down 3.80 dollars, at about 1420 GMT
New York's main contract, light sweet crude for September stood at 116.28 dollars a barrel, down 3.74.
Oil futures have shed more than 20 percent in value since hitting record highs above 147 dollars per barrel on July 11.
Oil prices are "getting more and more pressure from dollar strength and it doesn't seem reversible for now," said Serge Laureau, commodities strategist at Saxo Bank in Copenhagen, quoted by Dow Jones Newswires.
The dollar struck a five-month high point against the euro on Friday on fading prospects of an interest rate rise by the European Central Bank, dealers said.
A strong dollar makes goods priced in the US unit more expensive for holders of weaker currencies.
In a move that sparked hope of an increase in oil supplies in the future, Iraq said it was resuming exploration activities after a break of nearly 20 years owing to crippling UN sanctions.
Iraq said it hoped to double its proven reserves of crude, adding that it wanted to ramp up output by 500,000 barrels per day from the current average production of 2.5 million bpd, about equal to the amount being pumped before the US-led invasion of March 2003.
(Excerpt) Read more at news.yahoo.com ...
Time to get the Tundra cleaned up and ready to use? :)
No wonder Russia is trying to start a war today.
all the short sellers (speculators) are running around looking for depends........
all the short sellers (speculators) are running around looking for depends........
$110, here we come.
They should call Senator ‘Leaky’ Leahy and ask him to open up his strategic reserve of depends.
Keep supporting our congress heros!!
We need a vote
Nazi Pelosi AmericanVoices@mail.house.gov
We need emergency session
President Bush comments@whitehouse.gov
202-456-1111
John Boehner invited McCain to join them
McCain needs to get his a$$ to Washington where he belongs
It will bring the much needed media attention
http://www.johnmccain.com/Contact/
While this may be good short-term news at the pump, I am afraid that we’ll just stick our heads in the sand until prices go shooting up again. Then, 10 years from now (if it takes that long), the Democrats will retire to the old refrain “Drilling won’t help prices until 10 years from now!”.
I’m fed up with the stupidity, lack of resolve, and betrayal by our leadership, both Donkeys and GOPers.
Huh - I they sold short, they should be rolling in profit?
$60 here we come.
Where we belong.
I’m glad we acted quickly in destroying what was left of
our auto and airline industry.
I need the price up around $200 so I can buy a cheap truck, then the price can slide to 60.
Please ?
We can just lead normal lives and not worry about anything. Why things are humming along so smoothly we can afford an Obama in the White House and a larger Democrat contingent in our beloved Congress.
Tuesday I picked up a V8 SUV at a severely distressed price. It was a true SWAG moment...'stolen without a gun.'
sounds good,, lots of ‘severely distressed prices’ out there,, I’m close to snapping up a V-6 something pickem-up .. it would be nice to be able to afford fuel for it.
This is mostly great news. The Euro needs to keep sinking, till it gets lower than .80, where it belongs.
From your lips to God’s ears, papasmurf.
Any time I can pay a third of Kelly Blue Book, I tend to stay smiley for a few days.
per top of the hour radio news,,
We had the largest single day positive change in the dollar versus euro ratio in eight years
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