Oil back at price last seen a year ago

Oil prices are back to where they were a year ago. On Friday benchmark crude dropped $2.94, or 3.6 percent, to end the day at $79.20

per barrel in New York. Prices haven’t finished that low since Sept. 29, 2010. Since then crude peaked near $114 a barrel in May of this year. It’s fallen 31 percent since then as worries grew about the global economy.

Government data pointed to further economic troubles heading into a traditionally weak time for petroleum demand. The Commerce Department said that Americans are earning less money, which could affect consumer spending and demand for oil. And October is usually a slow month in the oil business. The summer driving season is over, and it will be a couple of months before heating demand perks up and travelers set out for winter holidays.

“There just isn’t any demand here in the U.S.,” independent oil analyst Andrew Lipow said.

Brent crude, used to price many international kinds of oil, lost $1.19 to finish at $102.76 in London.

Oil has swung up and down in the last few weeks, as the European financial crisis roiled energy markets. By Friday traders had turned their attention to falling crude price forecasts from major investment firms.

Morgan Stanley this week dropped its forecast for Brent crude by $30 to an average of $100 per barrel in 2012. Analyst Hussein Allidina cut the price to match tepid global economic growth and a recovery in Libyan oil production.

Allidina expects “significant supply increases and a material slowing in demand” by the second quarter of next year.

Gasoline has not fallen as much as oil. At the pump, a gallon of regular fell a penny to a national average of $3.445, according to AAA, Wright Express and Oil Price Information Service. That’s a dime lower than a week ago but still 76 cents higher than the same time last year. A gallon of regular peaked this year at $3.98 on May 5.

In other energy trading, heating oil fell 4.73 cents to finish at $2.7793 per gallon and gasoline futures dropped 2.05 cents to end at $2.5381 per gallon. Natural gas lost 8.1 cents to end the day at $3.666 per 1,000 cubic feet.


Source : old.news.yahoo.com


453646 202868You produced some first rate factors there. I seemed on the internet for the difficulty and located most people will go along with together together with your internet site. 13769

269381 686178Youre so cool! I dont suppose Ive read anything like this before. So nice to uncover somebody with some original thoughts on this topic. realy thank you for starting this up. this website is something that is necessary on the internet, someone with a bit originality. valuable job for bringing something new to the internet! 224302

725407 815690Nice to be visiting your blog once far more, it continues to be months for me. Nicely this post that ive been waited for so lengthy. I want this post to total my assignment within the university, and it has same topic together with your post. Thanks, terrific share. 77787

778289 584475You may discover two to three new levels inside L . a . Weight loss and any 1 someone is incredibly essential. Initial stage could be real melting away rrn the body. lose weight 939655

370039 8371You may be websites successful individuals, it comes effortlessly, therefore you also earn you see, the jealousy of all of the ones plenty of journeymen surrounding you could have challenges within this challenge. motor movers 158414

203808 106121For anyone among the lucky peoples, referring purchase certain products, and in addition you charm all of the envy of all the the a lot of any other people about you that tend to have effort as such make a difference. motor movers 837942

Leave a Reply