Oil: still can't drink it.
A large Saudi oil tanker carrying a $100-million cargo that was hijacked Sunday by pirates in the largest ever such seizure has reached the coast of north Somalia, a regional maritime group said Tuesday.
The hijacking helped lift global oil prices by more than $1 US to over $58 US a barrel, although they later lost some gains.
Admiral Mike Mullen, chairman of the U.S. Joint Chiefs of Staff, said military intervention would be complicated by hostages and ransom demands.
"I'm stunned by the range of it," said Mullen.
Light, sweet crude for December delivery slipped 55 cents to $54.40 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. The contract Monday fell $2.09 to settle at $54.95, the lowest since January 2007. Prices have fallen about 62 per cent since reaching a record $147.27 in mid-July.
Stock markets, which oil investors use to gauge sentiment about the global economy, fell on mounting evidence that U.S. consumers are cutting spending as big corporations shed tens of thousands of staff.
I called th drop in oil back in june, but my co workers aid "the price of oil will never go down nevermind below 60 a arrel after the US election you idiot"
Call me an idiot, but the price of oil is plumeting. Also a good thing I told my nephew not to get too comfortable in Alberta (He moved their with his brother and his GF 8 months ago) They (petrocan) have decided to put on hold a number of projects until the "market picture becomes more clear'' what the hell are you reading, tea leaves?
Half of the ignorant comments involve dropping bombs on the prot of call for the civilians harbouring terrorists. the other half is it is an opec plot to drive up prices. At least one person was smartish and said it is more likely US backed like Iran contra. Why would opec not just cut production instead of hiring thugs to injure people. It CAN cut production. The funny thing is the US hates OPEC but their government gets to like and condemn their actions when OIL goes up from reducing worldwide oil supply.