Bruce Nunnally Posted November 14, 2008 Report Share Posted November 14, 2008 Reuters Benchmark U.S. crude futures dropped to a 22-month low under $55 on Thursday as evidence mounted that the deepening recession would have a severe impact on demand, reducing the use of oil by industries and individuals alike. Oil has now fallen more than 60 percent from July's record $147.27 a barrel and is moving close to what is widely considered to be the average operating cost, or "cash cost," for the world's oil major oil companies around $50 a barrel. Many analysts think the market is likely to fall further, breaching the psychological $50 barrier before recovering. Bruce 2023 Cadillac CT4-V Blackwing Follow me on: Twitter Instagram Youtube Link to comment Share on other sites More sharing options...
Texas Jim Posted November 16, 2008 Report Share Posted November 16, 2008 I hope it don't recover TOO much. Link to comment Share on other sites More sharing options...
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