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October 15th, 2008

Consumer Demand Dictates Prices

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Oil prices dropped below $76 a barrel to $75.62 on Wednesday, hinging on fears that the shaky economy will continue to contribute to weak consumer demand:

Beyond fears that demand would slow, expectations that the latest snapshot of U.S. crude supplies would show additional builds also weighed on markets.

Light, sweet crude for November delivery was down $2.69 to $75.94 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Europe.

“The bailout may save the banks, but companies are still laying off workers and demand is going to suffer (said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney).”

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

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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