We're at 80.10/b so far. Not a good sign. So much of our economy is propped up by the price of oil.
Futures trades are down too, and this only helps the trend. Another pointer to how our economy is getting better, due to the lack of credit. Only people who can afford to spend are spending. Or, as the OPEC board states:
Anyone else want to talk about this?
Crude oil prices have continued to plunge in recent weeks, down from the record highs seen in mid-July. Benchmark WTI
crude has fallen by half to below $80/b earlier this week. With the recent sharp declines, crude oil prices now stand close to
the levels seen in September of last year.
The ongoing downward trend in crude oil prices reflects the dramatically worsening conditions in global financial markets
in recent weeks and their negative impact on the real economy, as well as the decline in the demand for oil.
Futures trades are down too, and this only helps the trend. Another pointer to how our economy is getting better, due to the lack of credit. Only people who can afford to spend are spending. Or, as the OPEC board states:
Continued US dollar strength prompted by the credit crisis drove investors from the crude oil futures market.
Anyone else want to talk about this?