Oil Prices Continue to Retreat After Last Week's Historic High
January 7, 2008
• by Staff
--- 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.
Originally posted on Fleet Financials