Posted on 05/19/2011 8:46:36 AM PDT by bananaman22
Crude oil futures pared gains in choppy trade on Thursday, after the International Energy Agency warned that elevated oil prices could derail the global economic recovery.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD100.28 a barrel during European morning trade, easing up 0.11%.
It earlier rose by as much as 1% to a daily high of USD101.24 a barrel.
The governing board of the International Energy Agency expressed “serious concern” that there were growing signs that the rise in oil prices was affecting the global economic recovery by widening global imbalances and reducing household and business income.
The Paris-based agency said in a statement released earlier in the day that crude oil prices remain at elevated levels despite a 10% correction since May 5 and added that there was a “clear, urgent need” for additional supplies be made available to prevent a further tightening of the market.
The Organization of the Petroleum Exporting Countries is scheduled to hold its next meeting on June 8 in Vienna. Earlier this month, the organization maintained its view that oil supply and demand remained well balanced. Full article at: Crude oil futures
Price of oil at close on July 14 — $145.18.
Price of oil at close on July 16 — $134.60.
“Crude-oil futures tumbled $4.14 to $134.60 a barrel on the New York Mercantile Exchange, bringing the contract’s loss to $10.58 over the past two sessions – the biggest two-day drop in crude prices since January 1991. Crude has lost $10.58 over the last two sessions, the biggest two-day price drop since January, 1991. It’s now 8.6% lower than the $147.27 record high hit last Thursday. Earlier in the session, futures slumped $6.74 to an intraday low of $132, the lowest for a front-month contract since June 12.”
Liberals say just the opposite. Don't let facts get in their talking points.
“...Politicians would lose control...”
That’s what it boils down to. Pols don’t want to lose control. Without power and control, they are nothing, worthless. They want to exert as much control over our lives as they can. They need to be reminded of one very important fact, they are OUR employees. We are NOT their’s.
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