Crude oil tumbled more than 8 percent on Wednesday as an OPEC production cut failed to boost the bearish market sentiment over slumping demand. Light, sweet crude for January delivery slid 3.54 U.S. dollars to settle at 40.06 dollars a barrel on the New York Mercantile Exchange. Price fell to as low as 39.88 dollars a barrel during the session, which is the first time for oil to drop below 40 dollars since July 2004. source: Xinhua News Agency
I think $ 40 is the base level price for the crude oil.... Anything below it would be really bad for any kind of oil drilling companies...even on-shore ones..... Off-shore ones would already be making losses at this price. Regards, RightMan
These Middle East Guys and the Oil cartel are money hungry fellows.. This is the real price of the Oil..
40$ ?!?! wow i remember the oil going to up to 150 $ a barrel. Not good for my country that the oil is dropping as we are about to start digging for oil with an expectancy of 1.5billion barrels to be filled.
Consumers are taking a heart by seeing Oil below $40..........it has approached it's near fair value pretty fast.............Stocks too it seems are finding their feet after getting a knock in October
Although oil prices drop almost everyday why don't gas prices? Well, the bad thing about the drop in oil is that all the gas stations are buying the oil at a higher price, then it drops, then they have all the oil they paid more for.
It all depends on the government prices on gas + the oil companies. The oil companies decided the price of the gas.
Early this year there were those saying oil would never fall below $100 per barrel. THis decline in cost couldn't have come at a better time, especially with the global economic decline
Hey Guys, just an update. NOW it's $35.98 per barrel. Here's the news: Crude oil tumbled more than 9 percent Thursday as OPEC's record output cut failed to ease growing demand concerns brought by deepening economic recession. Light, sweet crude for January delivery shed 3.84 U.S. dollars to settle at 36.22 dollars a barrel on the New York Mercantile Exchange. Price dropped to 35.98 dollars a barrel, the lowest level last seen in June 2004. source:Xinhua, a free news service.
that's a good price per barrel.. just imagine if it's still on the $100 price, how can we cope up with the worldwide financial crisis?