Featured Stories World News Commentary Money Watch Multimedia Prison Planet U.S. News Science And Technology

Oil falls toward $100 on dollar, demand

  • Print The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

Ikuko Kao
Reuters
Thursday, September 11, 2008

LONDON (Reuters) – Oil prices fell toward $100 on Thursday, weighed down by a stronger dollar and concerns over weakening demand.

U.S. crude fell as low as $100.10, the lowest since early April, and was trading $1.73 down at $100.85 by 11:01 a.m. EDT.

London Brent slipped to $96.99, the lowest level since early March. It was trading $1.37 lower at $97.60 at 11:02 a.m. EDT

(ARTICLE CONTINUES BELOW)


On Wednesday, U.S. crude touched $101.36, the lowest price since early April, despite a surprise production cut by OPEC of around half a million barrels per day.

Pressure came from a rising dollar and a report from the International Energy Agency (IEA), which lowered its oil demand growth forecasts due to a slowing global economy.

  • A d v e r t i s e m e n t

U.S. government data on Wednesday showed falls in oil product demand.

“Improvements in sentiment have not been seen even after OPEC’s pledge on production cuts,” Japan’s Mizuho Corporate Bank said in a research note.

“A bearish development is likely to continue due to mid-term factors of lower demand amid a slowing global economy. The psychological $100 level will be tested.”

FULL STORY CLICK HERE

This article was posted: Thursday, September 11, 2008 at 11:45 am





Infowars.com Videos:

Comment on this article

Comments are closed.

Watch the News

FEATURED VIDEOS
Should Obama Be Impeached? See the rest on the Alex Jones YouTube channel.

Border Collapse: A Cold Blooded Political Takeover See the rest on the Alex Jones YouTube channel.

© 2013 PrisonPlanet.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.