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Oil down 50pc from July high
London Telegraph
Thursday, Oct 16, 2008
Oil prices fell for a third day on growing evidence of a global slowdown, with a barrel of Brent crude down more than 50pc on its July peak of $147.
Oil has followed movements in equity markets this month and with share prices in London down 3pc just before lunch, the price of a barrel slid more than $3 to $67.62.
Tightening credit has eroded demand and pushed prices down 18pc from a year ago, and 51pc from the record $147.27 a barrel reached on July 11.
(Article continues below)
The Organization of Petroleum Exporting Countries yesterday cut its forecast for demand next year by 450,000 barrels a day, or 0.5 pc, to 87.2m barrels a day because of “dramatically worsening” financial market conditions.
“Demand not just for energy but across all consumer products is going to be hit,” said Jonathan Kornafel, a director for Asia at Hudson Capital Energy in Singapore.
“That’s just going to export recession to Asia and the manufacturing economies. Next year is not going to be pretty.”
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9 Responses to “Oil down 50pc from July high”
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October 16th, 2008 at 10:27 am
I NEED YOUR HELP, Has anyone else In the midwest “or in the states period” recieved a Propaganda DVD in the mail titled “OBSESSION… Radical islams war against the west” this is soo rediculous… everyone at my work has recieved it in the mail and im concerned… Are people BUYING INTO THIS CRAP? the cover says “as seen on CNN and FOX NEWS… LOL imagine that huh… ALEX PLZ ASK YOUR LISTENERS ABOUT THIS MAJOR BRAINWASHING PROPAGANDA campaing… its put out by the Clarion Fund 255 w 36th street suite 800 new york, NY 10018 tel: 646.502.8380
ps sorry for so many comments about this but i can never get through on the phones
October 16th, 2008 at 11:59 am
So much for 200 dollars a barrel, huh, Alex Jones?
October 16th, 2008 at 2:18 pm
Didn’t Lindsey Williams come on the show recently and say he was told that oil was going to fall in exactly this way?
October 16th, 2008 at 2:43 pm
http://ca.youtube.com/watch?v=GxpCz10TRGU
October 16th, 2008 at 3:09 pm
Motherbrain apparently you missed one of AJ’s guest a while back who said it would drop to $50 a barrel.
October 16th, 2008 at 3:10 pm
don’t let Murdoch shut us down again!
help us get on UK radio and expose the NWO!
http://www.myspace.com/TRUTHADDIKT
thank you!
godspeed
October 16th, 2008 at 4:05 pm
Funny how the price of oil becomes less of an issue around election time…
October 16th, 2008 at 5:55 pm
so, oil fell by 50% from its high and gas at the pump was around $4.12/gal.
if i’m not mistaken, shouldn’t the price be around $2.06/gal.
i remember my grandfather telling me that if gas EVER went above $1.00/gal. you’re getting ripped off.
general apathy is killing us
October 16th, 2008 at 7:23 pm
Ok kewl oil prices are tanking, so can someone tell the guys selling gas?