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Oil Prices Continue to Retreat After Last Week's Historic High

January 07, 2008

LONDON --- News about a slowing economy prompted oil prices to drop by more than two dollars in afternoon trading today, reported Thomson Financial.This afternoon, New York's WTI crude for February delivery dropped $2.48 to $95.21 per barrel, retreating further from last Thursday's historic high of $100.09 per barrel.Factors contributing to last Thursday's high included declining oil inventories, rising demand in developing countries, and geopolitical tensions that pose a threat to supplies. But since then, concerns about the global economy have changed the price trend.Data released last Friday confirmed that unemployment in the U.S. has risen to 5 percent, and job creation has slowed considerably.
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