Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand.
A rebound in the U.S. dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.
The slide adds to a more than 20 percent fall in the price of crude since mid-July and could increase the chance oil cartel OPEC will cut official production limits when the group meets in Vienna on September 9.
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U.S. crude fell $6.59, or 5.4 percent, to settle at $114.59 a barrel — the biggest fall in percentage terms since December 27, 2004. London Brent crude fell $6.24 to $113.92 a barrel.
“People who were buying yesterday are taking profits today,” said Peter Beutel, analyst at consultancy Cameron Hanover. “There is also renewed technical selling and talk again of demand destruction. The dollar is strong again too.”
August 24th, 2008 at 12:27 pm
I have been predicting oil and more specifically gas prices will fall at least $.75 by November, why? The election.
http://www.gasbuddy.com/gb_retail_price_chart.aspx (note it is always cheaper in November)
I think Bob Woodward reported that in his book “Plan of attack” http://seattlepi.nwsource.com/.....ces02.html
http://www.cnn.com/2004/ALLPOL.....index.html
August 24th, 2008 at 9:54 pm
congrats to Jason for talking sensibly about Water4Gas on the radio show this evening.
we can loosen the grip that the elites have on the world’s energy supply if more people discover that Water4Gas really does work. We have many testimonials of results including better gas mileage and more horesepower AND reduced carbon emissions.
Check out the videos at http://mywater4gasengine.com and then join us!
GARKO