Oil prices fall more than $1 a barrel
Oil prices fell more than $1 a barrel Friday from record levels set a day earlier on hopes that tensions surrounding Iran's nuclear program could ease and cut the chances of American or Israeli military action against OPEC's second-largest oil producer.
Iran on Friday gave an undisclosed response to an international offer of economic and other incentives if it suspends a central part of its nuclear program.
Iran's ambassador to Belgium presented the response to European Union foreign policy chief Javier Solana in Brussels, Iranian state TV reported.
By late afternoon in New York, light, sweet crude for August delivery fell $1.04 to $144.25 a barrel in electronic trading on the New York Mercantile Exchange.
There was no floor trading Friday in New York because of the July Fourth holiday.
Crude futures reached a record high of $145.85 in New York on Thursday before settling at a record close of $145.29 a barrel. Trading volumes were lower than usual.
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Member Comments
Posted By: jonstorm @ 06/11/2008 7:09:52 AM
Comment: Comment: Yesterday the Senate voted to table the discussion on a windfall gas tax for Big Oil , to regulate oil futures speculation which is driving the prices of commodities up and to make price gouging a federal crime.
Was Barack Obama there making impassioned speaches to pursuade enough senators to vote for this discussion?
No. He didn't even bother to show up to vote, that way he can still get money from Big Oil while claiming not to take money from lobbyists.
Change we can believe in indeed. Seems like the More things Change the more they stay the Same.
Posted By: mfenwick @ 05/23/2008 6:38:17 PM
Comment: Stop all the whining and crying about gas prices, people! Somebody's got to pay for this war; it might as well be us. Besides, I don't hear any of the Democrats or Republicans complaining , do you? Well, okay then. As long as you keep replacing Democrats and Republicans with more Democrats and Republicans nothing is ever going to get better. Vote like you've always voted and you'll keep getting what you've always gotten.
Posted By: FirstZebra @ 05/21/2008 6:31:52 PM
Comment: Let's see!
Oil goes up, stock goes down!
Well, sell stock and buy oil futures.
Sure thing...
When oil tumbles(?) buy stock!
Perfect example of a kids seesaw!