Oil at 14 Month Low
It has been a long time since the price of a barrel of OIL has fallen below US $70. This continues to demonstrate the situation that the world economy has found itself. The price rebounded slightly at the end of the day.
When Hurricane IKe hit the Texaco coast in early September and the OIL production in the Gulf was shut down the normal tendency would have been for price of Oil to go up. The problem was it was not normal times and the price of Oil actually fell.
For an interesting read on the price of OIL see
http://edition.cnn.com/2008/BUSINESS/10/16/oil.prices.low.ap/index.html
Tags: Oil