Oil Prices Take Another Turn

    April 12, 2005

Oil prices went back down 3% after the International Energy Agency said that demand is slowing.

This is the sixth decrease oil prices have taken in seven sessions.

A Bloomberg article says:

“Crude oil for May delivery fell $1.85, or 3.4 percent, to close at $51.86 a barrel on the New York Mercantile Exchange, the lowest since March 1. Prices climbed to $54.05 before the release of the IEA report. Futures are down 11 percent from a record $58.28 a barrel touched on April 4. Oil is 37 percent higher than a year ago.

In London, the May Brent crude-oil futures contract fell $1.23, or 2.3 percent, to close at $51.98 a barrel on the International Petroleum Exchange, the lowest since March 4. Brent futures reached $57.65 a barrel on April 4, the highest since trading began in 1988.”

Oil prices are down 11% the all-time high they reached last week.

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