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Posted on 06/07/2004 5:28:33 AM PDT by snooker
Crude oil futures on Monday slipped further from their record highs reached a week ago, following the recent build in US crude inventories, Opec's increase in its production ceiling and a further unwinding of speculative interest in US crude futures.
IPE Brent for July delivery fell 77 cents to $34.90 a barrel in Early morning London trade, losing more than $4 or 11 per cent since its close of $39.08 last Tuesday, which was its highest finish since October 1990.
Nymex WTI for July delivery dropped 68 cents to $37.81 in electronic trade and about 11 per cent below its record close of $42.35 a barrel reached last Tuesday.
The fall in the crude prices in recent days has come as fears have eased about demand outpacing supply with the release of US crude inventory data, which showed the world's largest oil consumer has the largest amount of crude in storage since August 2002, well up from its 29-year lows reached earlier this year.
(Excerpt) Read more at news.ft.com ...
Notice how the media reported on every dime of increase in oil prices, and not a peep about a $5+ drop.
So are gas prices down in your area? Kerry will be happy, don't you think?
One wonders how people like Soros faired in that bubble. There is way to much international pressure for the Oil producing countries to gouge, and not just from the West.
It is just how saner heads predicted it would be a month ago.
On to the next manufactured crisis.
Gas prices are down about a dime in the last week. I pay about $1.8599
We peaked locally at $2.14 at the Mobil station I go to. Yesterday it was $2.05.
2.00 a gallon is a psychological danger threshold for any administration. Having it continue drop, however slowly, over the next several months will be important for W's re-election prospects.
So true! The Fog of Propaganda
$2 gas had the intended effect. People drove fewer miles and inventories improved. Nothing magic about that.
Got back to home to Gainesville, Florida and prices were still at about $2.00.
I have really been hearing a lot about dropping oil prices on mainstream televi... oh, sorry, I was having a delusion of grandeur. [wink]
This is bad news for the Rats.
TDIDS & WGIDS
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The only thing that agravates me is that prices NEVER go down as quickly as they went up.
Thanks
You've gotta undertstand; there's some fine Christmas bonuses involved here.
The underlying factors in the recent run-up in oil prices are still in place, though. The U.S. dollar is still weak against most foreign currencies (particularly the Euro), which makes imported commodities like oil more expensive to U.S. consumers.
What effect do you think the GDP running along at 5% over the last 12 months will have on the dollar? My guess is it's going to get a lot stronger.
The economy should be rolling along at full steam, just in time for the election ... :-)
That's a good question. I think the strength of the U.S. dollar is based more on things like sound fiscal policy and stable interest rates. The primary factor in the decline of the U.S. dollar has been an idiotic U.S. fiscal policy that is reminiscent of the Vietnam War era.
Oh, LOL, how I do love that one. ;O)
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