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Home Front Economy
Oil falls to 12-week low on demand worries
2008-07-30
NEW YORK (Reuters) - Oil fell to its lowest level in nearly three months on Tuesday, extending a steep slide since mid-July on mounting evidence high prices and a souring economy were cutting into world energy demand. The drop coincided with a firmer U.S. dollar, which may have reduced the appeal of commodities to some investors playing the strong negative correlation between the markets in recent months, analysts said.

OPEC President Chakib Khelil said on Tuesday oil could fall further to $70 to $80 a barrel in the long term but added he did not think the producer group should consider cutting output at this point.

U.S. crude dropped $2.54 to settle at $122.19 a barrel after dipping as low as $120.42, its lowest since May 6. Brent crude fell $3.13 to $122.71. Oil has fallen from a record peak of $147.27 set on July 11, pressured by signs that high prices and an economic slowdown are curbing demand, especially in the United States, the world's largest oil consumer.
Posted by:Steve White

#5  #4 Iraq's total country exports haven't increased by 10 times.

Actually, there's been considerable increase, but I, too, believe 10 time is too much. Iraq has gone from producing about 2.5 million barrels/day to producing about 3.1 million barrels/day. At the same time, local consumption has tripled or more. If Iraq could build a pipeline from Kirkuk to Haifa, one from Mosul to Istanbul, and another one from Baghdad to Eilat, their exports could grow even greater. There's plenty of production, but it's beginning to get harder and harder to get any extra to market.
Posted by: Old Patriot   2008-07-30 22:44  

#4  Iraq's total country exports haven't increased by 10 times.

The Kurdish sector of Iraq's exports have increased by 10 times - from a very low level to a moderate level.
Posted by: mhw   2008-07-30 13:45  

#3  Another thing that may have taken the edge off the oil bull's enthusiasm is that Iraq's monthly oil exports have increased 10 times since beginning of the year.Iran's threat to oil supplies becomes less dire. Militarily, Iraq can't choke off the Persian Gulf for any great length of time.
Posted by: Richard of Oregon   2008-07-30 10:20  

#2  I wonder if India and China have stopped subsidizing consumer purchases of gasoline, kerosene and naphtha? I still say most speculation was tied to the subidization of two growing demand markets without pain at the pump.
Posted by: Jack is Back!   2008-07-30 08:25  

#1  :(
Posted by: Halliburton Market Manipulation Division   2008-07-30 02:26  

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