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September 11th, 2008

Oil Prices Down to $100.87



Crude prices dropped nearly two dollars this afternoon settling at $100.87 a barrel:

U.S. light, sweet crude [US@CL.1 100.67 -1.91 (-1.86%)] fell $1.71 to settle at $100.87 a barrel after dipping as low as $100.10, the lowest since early April.

London Brent crude [GB@IB.1 97.49 -1.48 (-1.5%)] also fell after dropping to a six-month low of 96.99.

Downward pressure came from a rising U.S. dollar, which scaled a one-year high against the euro, and a report from the International Energy Agency (IEA) earlier in the week lowering its oil demand growth forecasts due to a slowing global economy.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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