Thursday, November 17, 2005

Crude Oil futures fall again:

From Reuters:

LONDON (Reuters) - OPEC's own oil price fell below $50 a barrel for the first time since the start of June on Thursday, touching a level that may trigger calls from some producers for the cartel to cut output.

The value of OPEC's basket of crudes fell to $49.73 a barrel on Wednesday, the group said on Thursday, down from $50.01 the previous day.

A mild northern hemisphere autumn has wiped a fifth off the cost of oil since late August when hurricane damage to the U.S. industry sent prices to record highs.

Look for this to continue to depress crude future at the Merc.

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