Crude Leads Way Lower
Crude oil is lower again Friday morning, and heading for its largest weekly loss in four years.
Oil has dropped 13% this week against a background of rising stocks, falling demand and scepticism over the planned $700 billion bailout plan.
In a sure sign that spec money is leaving the table, futures open positions in New York fell to their lowest levels in more than two years. this week
Not that the spec money had anything to do with prices soaring to $147/barrel you understand, that was market forces and demand. Oh, and several large investment banks that don't even exist anymore.
Yesterday, futures dropped $4.56, or 4.6 percent, to $93.97 a barrel in New York. At 8.50am BST November crude is $93.46/barrel. Brent is hovering perilously around the $90/barrel mark, having briefly flirted with $89.66/barrel overnight.
All eyes tonight will be on the House of Representatives.
Oil has dropped 13% this week against a background of rising stocks, falling demand and scepticism over the planned $700 billion bailout plan.
In a sure sign that spec money is leaving the table, futures open positions in New York fell to their lowest levels in more than two years. this week
Not that the spec money had anything to do with prices soaring to $147/barrel you understand, that was market forces and demand. Oh, and several large investment banks that don't even exist anymore.
Yesterday, futures dropped $4.56, or 4.6 percent, to $93.97 a barrel in New York. At 8.50am BST November crude is $93.46/barrel. Brent is hovering perilously around the $90/barrel mark, having briefly flirted with $89.66/barrel overnight.
All eyes tonight will be on the House of Representatives.