B
Buckdodgers
Guest
NEW YORK - Oil prices fell below $70 a barrel Friday as
Iran's defiance of the U.N. request to stop its nuclear enrichment program didn't lead to immediate sanctions.
Also easing energy prices ahead of the long Labor Day weekend were a mixed U.S. jobs report, which suggests fuel demand probably won't surge sharply; a more subdued forecast for this year's hurricane season; and plans from BP PLC to increase output at its huge oil field at Prudhoe Bay.
Light, sweet crude for October delivery fell $1.07 to settle at $69.19 a barrel Friday on the New York Mercantile Exchange.
Crude futures have fallen 4.6 percent this week, and are down more than 11 percent from their record high of $78.40 a barrel reached July 14.
Average U.S. pump prices have pulled back over the past month from more than $3 for a gallon of unleaded regular gasoline to $2.79 a gallon, according to AAA.
Iran,
OPEC's second-largest producer behind Saudi Arabia, defied the
U.N. Security Council's Thursday deadline to halt its nuclear program. Traders have been worried that Iran might block oil exports if punished by the
United Nations. But at this point, American officials and others say no action will be sought before a key European diplomat meets with Tehran's atomic energy chief next week to seek a compromise.
"Anything that's going to happen with Iran isn't going to happen tomorrow ... any kind of line in the sand is quite a ways off," said Fimat USA analyst Mike Fitzpatrick.
Crude oil slips below $70 a barrel - Yahoo! News
It has NOTHING to with easing off IRAN! Its all about the republicans they are runing scared!!! They are AFRAID of the Voters.They are SCARED OF PEOPLE LIKE ME!!! Democrats are doing nothing cause they know the republicans are shooting themselves in the foot by siding with
GEORGE W BUSH.
Iran's defiance of the U.N. request to stop its nuclear enrichment program didn't lead to immediate sanctions.
Also easing energy prices ahead of the long Labor Day weekend were a mixed U.S. jobs report, which suggests fuel demand probably won't surge sharply; a more subdued forecast for this year's hurricane season; and plans from BP PLC to increase output at its huge oil field at Prudhoe Bay.
Light, sweet crude for October delivery fell $1.07 to settle at $69.19 a barrel Friday on the New York Mercantile Exchange.
Crude futures have fallen 4.6 percent this week, and are down more than 11 percent from their record high of $78.40 a barrel reached July 14.
Average U.S. pump prices have pulled back over the past month from more than $3 for a gallon of unleaded regular gasoline to $2.79 a gallon, according to AAA.
Iran,
OPEC's second-largest producer behind Saudi Arabia, defied the
U.N. Security Council's Thursday deadline to halt its nuclear program. Traders have been worried that Iran might block oil exports if punished by the
United Nations. But at this point, American officials and others say no action will be sought before a key European diplomat meets with Tehran's atomic energy chief next week to seek a compromise.
"Anything that's going to happen with Iran isn't going to happen tomorrow ... any kind of line in the sand is quite a ways off," said Fimat USA analyst Mike Fitzpatrick.
Crude oil slips below $70 a barrel - Yahoo! News
It has NOTHING to with easing off IRAN! Its all about the republicans they are runing scared!!! They are AFRAID of the Voters.They are SCARED OF PEOPLE LIKE ME!!! Democrats are doing nothing cause they know the republicans are shooting themselves in the foot by siding with
GEORGE W BUSH.
I was surprised to see $2.53 yesterday.
I think its illogical to low price of oil