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Home Front Economy

Oil Prices Fall by More Than $1 a Barrel

2006-09-21

Moderator warning: prices may have fallen further by the time you reach the end of this story.

Oil prices fell by more than $1 a barrel Wednesday after the U.S. government released data showing healthy crude inventories and a surge in domestic supplies of distillate fuel, which includes diesel and heating oil.

The selling briefly took oil prices below $60 a barrel _ the level OPEC has hinted could initiate an output cut. "It's a case of a self-fulfilling prophecy," said Alaron Trading Corp.'s Phil Flynn. "OPEC's been dropping hints that it wants to defend $60 and the market is saying 'Okay, let's see you do it.'"

"I'm warning you -- drop the price any furder and I'm gonna take action!"
"Oh yeah, you and what army? C'mon, I dare you! $59 a barrel! Take that!"
"Aaiiiieeee! My heart! That does it!"

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