Oil prices down more than $8.00!
Posted by Carlos C. on Tuesday, September 2nd, 2008 at 5:07 am
The price per barrel of oil closed at $115.46 last Friday, August 29.
The price per barrel of oil is currently at $106.95! That’s a $8.51 drop! The oil markets have not officially opened, but they will at 9:00am.
The strengthening of the U.S. dollar has been key in the drop of oil prices, as well as less world demand for oil. Also, Hurricane Gustav will not affect an increase in oil prices. The price of oil started falling just as Hurricane Gustav hit the coast of Louisiana!
The national price of regular gasoline is $3.69.
The national price of premium gasoline is $3.96.
Breaking News…
Developing…
UPDATE 1: bloomberg.com
Sept. 2 (Bloomberg) — Crude oil fell to a five-month low below $106 as oil companies prepared to resume production from rigs closed by Hurricane Gustav.
Royal Dutch Shell Plc, Total SA and ConocoPhillips said they were inspecting offshore U.S. Gulf platforms today. Oil, down more than $40 from its July record, dropped as Gustav spared U.S. Gulf states the destruction caused by Hurricanes Katrina and Rita in 2005.
“The absence of serious structural damage from Gustav when the market was braced for the worst has caused prices to turn decisively downwards,” said Christopher Bellew, a senior broker at Bache Commodities Ltd. in London. “As technical selling takes hold, it looks likely we’ll breach $100.”
All stock markets are up. Trading starts at 9:00am. Oil is currently at $107.25.
UPDATE 2: Oil closed at $110.25 today. All the stock markets finished in the red today, so that’s why oil rose $3.00 throughout the day.
(2 Ratings)Filed Under: = BREAKING NEWS =
Gustav not destroying oil production was one reason. And maybe there’s something to a prediction made a few weeks ago…that the Chinese were hoarding oil for the Olympics, and that when they were over, oil prices would fall. Have you heard any news on that?
Yes, I have heard of that rumor.
The September 9th OPEC meeting and this year’s winter temperatures will determine if oil falls in even further in price.
Actually, the question about whether oil falls further in price is NOT if, but by how much.
Hopefully it gets back down to at least $2.00 a gallon or less.
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