| From theglobeandmail.com: Even with crude's record highs crashing down, high fuel costs have left a mark on consumer spending. The price of crude oil slid to its lowest level in three months yesterday, leaving energy experts scurrying for explanations that ranged from the altered tack of tropical storm Edouard in the Gulf of Mexico, to Barack Obama's tentative support for offshore drilling, to a weaker-than-expected U.S. spending report.
Light, sweet crude for September delivery fell $3.69 (U.S.) or 2.9 per cent to $121.41 a barrel on the New York Mercantile Exchange, just three weeks after touching a record of $147.27. Analysts and traders, who have been whipsawed by volatility in the crude markets, were also quick to finger technical selling by large investors and higher production numbers from OPEC as culprits for the drop...... Full Article: Source |