Operations

Oil Prices Continue to Drop This Week

LCT Staff
Posted on November 28, 2007

NEW YORK CITY — Saudi Arabia’s oil minister announced an increase in production levels this week, lowering prices by nearly $3 and spurring hopes that the nation will see a strong season of holiday shopping. Experts had feared that expensive energy costs would drag down consumer spending.

Oil prices dipped $2.80, to $94.90 a barrel, in New York trading. High oil prices have fueled fears of inflation and a clamp-down on spending as future contracts march closer to the symbolic $100 mark. But some analysts warned that a one-day drop should not signal long-term relief.

“I wouldn’t be surprised if you saw $3 down today and $3 up tomorrow,” said Ben Dell, an analyst at Sanford C. Bernstein.

SOURCE: New York Times

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