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Oil falls toward $100 on dollar, demand
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.
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.”
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6 Responses to “Oil falls toward $100 on dollar, demand”
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September 11th, 2008 at 5:06 pm
gas strike gas strike
September 11th, 2008 at 6:19 pm
oh well im half dead anyways dose it realy matter anymore
September 11th, 2008 at 7:22 pm
Because they can!
September 11th, 2008 at 10:13 pm
Oil is cheap, i think it should be higher because you conserving assholes deserve it.
September 11th, 2008 at 11:31 pm
At this point the price of oil is going to keep falling down as it is overly priced at this point. I have heard the 80 dollar mark as a stabilizing level it may reach in the relative future. As for cutting production is it necessary for the Oil Cartels who are robbing us blind at this point to limit the amount on sale as there is no real shortage and we are funding the Largest Profits In Corporate history.
September 12th, 2008 at 12:44 am
Drive the price of oil down even more , start walking everywhere as much as you can , you will be healthier and will really hurt the oil companys and of course the goverment seeing they get what 30-50 points on the action ????