AmericanTruckersAtWar

Professional, Polite, Prepared to Kill

Oil Falls Below $70 on Economic Woes, Stronger Dollar

Oil prices tumbled Wednesday afternoon following a global equities selloff, as traders feared oil demand would be strained by the looming economic downturn.

The Organization of Petroleum Exporting Countries, which supplies some 40% of the world’s oil, is expected to substantially cut production later this week in a bid to boost sagging prices. However, bearish economic sentiment, gloomy corporate earnings, and a strengthening dollar are ruling the day.

The benchmark oil contract recently traded lower by $5.25 to $66.93. Oil now trades 54% lower than the record high it reached in mid-July. More from FoxBusiness

Advertisements

October 22, 2008 - Posted by | economy | , , , ,

No comments yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: