Oil falls below $90 amid light year-end trading

Source: AP

By PABLO GORONDI

Oil prices slipped further below $90 a barrel Friday as investors took profits amid light year-end trading volume. Despite the fall, oil prices are set to end the year around 12 percent higher than where they started - a clear signal that the global economy has returned to growth following the worst recession since World War II .

By early afternoon in Europe, benchmark oil for February delivery was down 37 cents to $89.47 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost $1.28 to settle at $89.84 on Thursday.

Crude has dropped this week from a 26-month high of $91.88 on Monday as some investors sought to take profits after oil rallied during the fourth quarter from the mid-$70s.

Year-end trading is often complicated by investors closing out positions to present their portfolios in as good a light as possible.


Read more: http://apnews.excite.com/article/20101231/D9KET8EG1.html

:crazy:

Here comes $5 a gallon to choke off
the next 2 years of President Obama.

Because, you know, the oil company executives are having a hard time of it. Bonuses are just not what they used to be.

If they fail, the whole economy will fail.

The price of oil goes down, and they are charging $3.25 per gallon here this afternoon.

Un-be-fucking-leiveable!!!!:grr: :nuke: :grr: :nuke: :banghead:

iT dI iNt.

and get the prices down to at least 30-40 barrel