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| Home Front Economy | |
| Oil falls to 13-month low on recession worry | |
| 2008-10-16 | |
U.S. crude fell $4.09 a barrel to settle at $74.54, falling to $74.22 in post-settlement Globex electronic trading, the lowest since September 2007 and down nearly 50 percent since hitting a record over $147 in July. London Brent crude fell $3.73, or 5 percent, to settle at $70.80 a barrel. | |
| Posted by:Steve White |
| #9 where did the speculators stow all this oil they were hoarding? Cushing Oklahoma for example. |
| Posted by: ed 2008-10-16 22:12 |
| #8 Steve White Oh I UNDERSTAND THAT. It's the dollar's rise in the midst of a massive currency supply expansion, and therefore dilution. Yet the dollar rises. |
| Posted by: Minister of funny walks 2008-10-16 20:20 |
| #7 So, Dr. White, where did the speculators stow all this oil they were hoarding? |
| Posted by: Nimble Spemble 2008-10-16 18:49 |
| #6 Minister, the speculative bubble popped because the hedge funds can't get the money they need. Banks aren't lending, investment banks are either bankrupt or morphed into commercial banks, and investors are buying treasuries at insanely low yields. No money = no speculation = price comes down. |
| Posted by: Steve White 2008-10-16 18:33 |
| #5 markets. PIMF |
| Posted by: Minister of funny walks 2008-10-16 16:06 |
| #4 4 reasons 1.Stronger dollar 2.Decreased economic activity 3.Behavior modification as people cut inefficient fuel use. 4.Last but not least, the speculative bubble has poppped. I am actually surprised at #1, given the insane levels of liquidity injected into the . |
| Posted by: Minister of funny walks 2008-10-16 16:06 |
| #3 Latest Nov 2008 NYMEX Light crude quote: 69.75 -4.79 |
| Posted by: ed 2008-10-16 13:01 |
| #2 Wow, the demand must have fallen by half or the supply has doubled -- NOT! |
| Posted by: Anguper Hupomosing9418 2008-10-16 12:56 |
| #1 Under 70$ now. Just five days after going under 80$. |
| Posted by: JFM 2008-10-16 12:33 |