Oil falls but heads toward biggest gain in decade |
| Guardian Unlimited - Dec 31, 2007 |
Oil fell a dollar on Monday as worries of an economic slowdown offset supply concerns and rising geopolitical tensions.
Despite the losses, crude prices are on their way to their biggest annual gain this decade, led by tight consumer-nation inventories.
U.S. crude futures fell $1.00 to $95.00 a barrel by 1602 GMT, while London Brent crude traded down 40 cents to $93.48 a barrel.
Over the past week, oil has edged closer to the record $99.29 a barrel struck on Nov. 21 as analysts eyed low stockpiles ahead of winter.
But worries that U.S. economic problems could hit demand in the world's top oil consumer and forecasts for above-average temperatures in January and February are weighing on prices.
Read Full Article from Guardian Unlimited
- Posted: 2007-12-31 12:01:13
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