Oil prices fell to $95 a barrel on Monday after Hurricane Ike inflicted minimal damage to oil installations on the Texas coast.
Light, sweet crude for October delivery was off $5.76 a barrel to $95.42 early Monday in electronic trading on the New York Mercantile Exchange. The contract rose 31 cents on Friday to settle at $101.18 after dropping as low as $99.99 a barrel. Before that, the last time Nymex crude traded below the $100 mark was April 2.
“Now that Ike has come and gone, initial reports indicate no real damage to the oil infrastructure in the Gulf coast area,” said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.
September 15th, 2008 at 3:17 pm
great! the price of a barrel of oil dropped all the way down to be only FIVE TIMES more than what it was before the Iraq “war” started!
folks, we need to take matters into our own hands
join the Water4Gas revolution at http://www.help4gas.com
September 15th, 2008 at 7:24 pm
it better fall another 90 + because electric, hydrogen, oxygen, etc cars are hitting the markets and will crash the oil companies forever !!!!!!!!!!!!!!!!!!
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