Did you see that? Oil prices decline

Fri, 01/05/2007 - 10:58am — Xenophon

I usually donâ€™t post on commodity news but . . . I thought I would record this one just so I can mark the trend. Profit taking and accumulation is never a good sign. Iran here we come.

The key crude oil futures price dropped to the $55 level a barrel in New York on Thursday, hitting its lowest level in about a year and a half, as U.S. fuel inventories swelled amid unusually mild weather. The February contract for West Texas Intermediate crude on the New York Mercantile Exchange settled at $55.59 a barrel, down sharply by $2.73 from Wednesday. The bellwether contract has thus dropped by more than $5 in only two trading days. full

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