Oil prices fall back by a dollar

[tritsofme]

http://news.bbc.co.uk/1/hi/business/3727009.stm

Oil prices have fallen back from recent record highs, with a barrel of US light crude losing a dollar on Tuesday.
It finished down by $1.01, to $40.54 a barrel, on signs that oil producers' cartel Opec will vote to increase production when it meets on June 3.

In London, Brent crude fell by 96 cents to $36.95, as the United Arab Emirates (UAE) said it was ready to boost crude output if Opec agreed.

Yet analysts said US light was unlikely to go below $40 a barrel for some time.

They said the current sky-high demand for oil would take some time to turn slow down and questioned Opec's ability to increase production further
<snip>

Crude was briefly trading under $40 in after hours trading, but has since rebounded a bit.

[bain_sidhe]

1. Oh, wow. Happy days are here again, huh?

:eyes: And of course, bush*t will take credit for lowering the price - and that's how it will be reported...


OIL PRICES DROP!!
one dollar

[tritsofme]

2. Today it regained that dollar

I still believe however, that the price of oil is built up largely on speculation, mainly because stocks and other commodities have been sour and money has been flowing into crude.