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Oil falls as global demand concerns resurface
Oil prices tumbled below $108 a barrel Tuesday down nearly $8 from Friday's close before the U.S. Labor Day weekend as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided.By midday in Europe, light, sweet crude for October delivery was down $7.85 a barrel to $107.61 in electronic trading on the New York Mercantile Exchange. Earlier in the session it had dropped as low as $105.46. ... The Organization of Petroleum Exporting Countries is scheduled to meet Sept. 9 in Vienna and has indicated it may take action to defend the $100 a barrel level. ... In other Nymex trading, heating oil futures fell 20.8 cents to $3.9839 a gallon, while gasoline prices lost 21.63 cents to $2.6379 a gallon. Natural gas for October delivery fell 68.7 cents to $7.256 per 1,000 cubic feet. Posted by: ed 2008-09-02 |
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