| Submit your comments on this article |
| Home Front Economy |
| Oil falls as global demand concerns resurface |
| 2008-09-02 |
| Oil prices tumbled below $108 a barrel Tuesday — down nearly $8 from Friday's close before the U.S. Labor Day weekend — as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided. By midday in Europe, light, sweet crude for October delivery was down $7.85 a barrel to $107.61 in electronic trading on the New York Mercantile Exchange. Earlier in the session it had dropped as low as $105.46. ... The Organization of Petroleum Exporting Countries is scheduled to meet Sept. 9 in Vienna and has indicated it may take action to defend the $100 a barrel level. ... In other Nymex trading, heating oil futures fell 20.8 cents to $3.9839 a gallon, while gasoline prices lost 21.63 cents to $2.6379 a gallon. Natural gas for October delivery fell 68.7 cents to $7.256 per 1,000 cubic feet. |
| Posted by:ed |
| #3 I can see jihad budgets getting tighter. |
| Posted by: Richard of Oregon 2008-09-02 10:36 |
| #2 What perfect timing for W to hit Congress w/drill, drill, drill, and sic The Barracuda on the world......... |
| Posted by: anonymous2u 2008-09-02 10:34 |
| #1 Russia and Iran just had their pay cut. |
| Posted by: Slats Glans2659 2008-09-02 09:16 |