U.S. crude settled down $2.02 to $63.09 a barrel on the New York Mercantile Exchange, extending losses since late January to more than $5. In London, Brent traded down $1.77 at $61.56 on the International Petroleum Exchange.
The losses came ahead of a U.S. government report that was expected to show an increase in domestic crude inventories of 800,000 barrels and a boost in gasoline supply of 1.6 million barrels, according to a Reuters survey. U.S. crude stockpiles are already more than 10 percent higher than they were a year ago, the result of increased foreign shipments and slower refinery activity. ...
Losses? Don't they mean SAVINGS?
If the cost of oil goes down, it's saving us money.
... Saudi Arabia, the world's top oil exporter, said Tuesday it had "concerns" about the Bush administration's recent call to cut its addiction to Middle East oil. "What concerns us is all the talk about not wanting our oil," Saudi Oil Minister Ali Al-Naimi told an energy conference hosted by Cambridge Energy Research Associates.
Oh uh, now would be a good time to kiss American booty Minister Ali.
It is just not natural. It is a kind of …conspiracy. You didn't see anything...