Posted on 09/24/2006 7:07:02 PM PDT by kellynla
TOKYO (Reuters) - Oil prices fell to a new six-month low below $60 a barrel on Monday as news of BP restoring output at Prudhoe Bay added to a sense of healthy global supplies.
U.S. light, sweet crude for November fell 56 cents to $59.99 a barrel in Globex electronic trading. By 0108 GMT it stood 61 cents lower at $59.94 a barrel, deepening a seven-week rout that has knocked more than $17 a barrel off prices.
Prices fell below the previous $60.00 a barrel low posted on September 20.
Previous frontmonth October was reported last week to have fallen as low as $59.80 a barrel on September 20, but detailed NYMEX trade data on its website showed the contract hit a low of $60.05 a barrel in Globex trade and $60.00 in open-outcry pit trade.
NYMEX sometimes revises detailed trade data.
(Excerpt) Read more at today.reuters.com ...
there are two huge hits in the gulf of Mexico in the past year. One will be on line in 2007 and the other in 09, add the release of Alaska areas we can drill and you have America getting less from Chavez and less from anyone but Iraq. Price of oil will go down like the price of Nat. Gas...last year 15 now 4.65. Oil will be back at 40 soon. /outsider dreaming speculation
I hope so. My oil sands stock (DWOG) has been getting beat up these last few weeks. If oil goes too low I think that this stock will become worthless.
$2.10 in Plymouth, Minnesota yesterday. And I'm complaining I want those Iowa prices for fuel. :)
In related news: A gross of Prozac was delivered to The Today Show.
Pray for W and Our Troops
Yew gots ta BELIEVE!!!
Glad to hear it! The 1958 Olds 98 has probably forgotten what 25 cent gasoline tastes like!!!
Somebody once told me you guys at the University of Minnesota at Mankato cannot keep the Iowa team's cheerleaders from grazing on the sidelines. Is that true?
Snort! Sierra, I'm a graduate of the University of South Dakota, therefore I cannot vouch for the U of M Mankato folks.
If I recall correctly, they send their snipes out on a lefsa hunt. :)
"I hope Soros is losing his @ss on oil futures."
HAHA I didn't even think of that...I'd love to know how his portfolio is allocated...I bet this stuff has torn him a new asshole!
Then again, as hypocritical as these bastards are, he probably shorts oil despite his worldview...
Oh! That's right!! That ain't too bad!!!
Soros is famous for shorting the currency in the country he lives in. I'm hoping he was one of the many who has been pumping oil prices. There was a headline on Bloomberg news this morning that Fidelity lost $1.5B on falling oil prices in one of its mutual funds. Boo Hoo. The $1.5B they MADE came out of my and your pockets so they need to prepare for a little payback.
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