Wednesday, January 28, 2009

Crude Oil Prices Still Dropping

Crude-oil futures prices are still declining on expectations that oil and fuel inventories would continue to rise due to declining demand. Light, sweet crude for March delivery settled $4.15, or 9.1%, lower at $41.58 a barrel on the New York Mercantile Exchange. Futures have dropped 11% since hitting $46.47 a barrel on Jan. 23 after five straight days of gains. The decline in demand, which precipitated oil's fall from record highs above $145 a barrel, has already pushed millions of barrels of oil into storage terminals and onto tankers offshore. (WSJ, 1/27/09)

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