Oil drops 3 beans!!!

miles otoole

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http://money.cnn.com/2005/08/17/markets/oil/index.htm
Oil drops to just over $63
Traders shake off drop in gasoline inventory, seeing more production in the weeks ahead.
August 17, 2005: 3:59 PM EDT

http://javascript:cnnVideo('play','/video/business/2005/08/17/gas.surcharges.cnn');

NEW YORK (CNN/Money) - It may be short-lived, but consumers got some promising news Wednesday as oil prices dropped nearly $3 a barrel Wednesday afternoon.

After a slight morning surge, U.S. crude oil futures fell $2.81 to $63.27 by 3:40 p.m. EST.

Oil prices had ended Tuesday's trading at $66.08.

Gasoline prices followed, falling 6.26 cents to $1.921 after touching $2.029 earlier in the day. The dip in prices followed a weekly government energy supply report that said U.S. gasoline inventories fell for the week ending August 12. The report also said the supply of crude oil and distillates, used for heating and jet fuel, were higher than Wall Street analysts had predicted.

Some experts blamed the drop in the price of crude and gasoline on investors betting on more positive inventory figures next week.

"I think that the market is looking ahead to better imports and higher refinery utility next week," said Brian Hicks, the co-portfolio manager for U.S. Global Investors Global Resources Fund.
 

RIDETHELIGHTING

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Enough
It`s a start.

miles otoole said:
http://money.cnn.com/2005/08/17/markets/oil/index.htm
Oil drops to just over $63
Traders shake off drop in gasoline inventory, seeing more production in the weeks ahead.
August 17, 2005: 3:59 PM EDT



NEW YORK (CNN/Money) - It may be short-lived, but consumers got some promising news Wednesday as oil prices dropped nearly $3 a barrel Wednesday afternoon.

After a slight morning surge, U.S. crude oil futures fell $2.81 to $63.27 by 3:40 p.m. EST.

Oil prices had ended Tuesday's trading at $66.08.

Gasoline prices followed, falling 6.26 cents to $1.921 after touching $2.029 earlier in the day. The dip in prices followed a weekly government energy supply report that said U.S. gasoline inventories fell for the week ending August 12. The report also said the supply of crude oil and distillates, used for heating and jet fuel, were higher than Wall Street analysts had predicted.

Some experts blamed the drop in the price of crude and gasoline on investors betting on more positive inventory figures next week.

"I think that the market is looking ahead to better imports and higher refinery utility next week," said Brian Hicks, the co-portfolio manager for U.S. Global Investors Global Resources Fund.
 
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