The old oil topic was just that old so I waited until it hit 50 before starting a new one. For those who complain about to many headings on the same topic I hope this works better for you.
Oil prices tumbled below $50 a barrel Monday as National Bureau of Economic Research reported that the U.S. economy has been in a recession since December 2007.
Crude had already fallen 8 percent on reports showing that manufacturing activity in the U.S. hit a 26-year low, which was much worse than expected, and construction spending fell again.
Oil retreats below $49 as brief rally fades
Oil fell below $49 a barrel on Tuesday, after reversing early losses in response to a rally in U.S. and European shares.
It had earlier fallen to a new 3-1/2-year low below $48, weighed down by gloom over the ailing world economy and its impact on fuel demand.
http://biz.yahoo.com/rb/081202/business ... s_oil.html
Light, sweet crude for January delivery fell 17 cents to settle at $46.79 a barrel on the New York Mercantile Exchange.
Wednesday.
I think I read where oil closed at 43 and change today.
Friday, light, sweet crude for January delivery settled at $40.81 a barrel on the New York Mercantile Exchange, down by nearly $3 per barrel.
And the next thing you know ole Jed’s a millionaire ![:!:]( "Exclamation")
![:lol:]( "Laughing")
Here’s a wild prediction:
[quote:3iwg06lc]Crude oil prices may crash below $25 a barrel next year and gas prices could fall below $1 a gallon if the global recession spreads to China, an energy analyst and CEO said Thursday.
Demand for oil will continue to decline in 2009 as economic growth slows to its weakest level since 1982, Merrill Lynch Commodity Strategist Francisco Blanch concluded in a report.[/quote:3iwg06lc]
Oil prices dipped below $38 a barrel Tuesday on fresh evidence of weakness in the U.S. housing market and a shrinking gross domestic product that suggests the recession may be worsening.
http://biz.yahoo.com/ap/081223/oil_prices.html