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Posted on 05.04.06 by R. Lee Wrights
“Oil prices sank more than $2 a barrel for the second straight day on Thusday, falling below $70 on momentum that started after U.S. government data showed gasoline supplies growing last week, reversing two months of declines. ‘It has largely been a technical sell-off,’ said ABN Amro broker Lee Fader. ‘Some of the air is coming out of the bubble.’ Light, sweet crude for June delivery fell $2.83 to $69.45 a barrel on the New York Mercantile Exchange. Prices had plunged $2.33 Wednesday after the Energy Department released its weekly report showing a supply rise as refineries boost output and demand flattens.” (05/04/06) Link: http://tinyurl.com/k6vzv Filed under: CANDi News and PND News and RRND News | Report Bad Link Bookmark this post in Furl or Del.icio.us | |
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