But only momentarily. It finished Monday at $112... and eighty-seven cents.
The contract fell 90 cents Monday to settle at $112.87 a barrel after the threat of Tropical Storm Fay eased. That was the first time crude ended below $113 since May 1.
In London, October Brent crude fell 91 cents to $111.03 a barrel on the ICE Futures exchange.
Also, heating oil prices fell; gasoline prices fell; natural gas prices fell.
All this without 9% nancy & her democratic socialist myrmidons punishing those 'evil' oil speculators. I guess the case could be made that the mere threat from these petty tyrant congress critters made a difference, but price drops are throughout the world markets, and 9% nan just doesn't have that much pull; unless it's with the left coast wind farmers - who she just happens to be heavily invested with. But there's no conflict of interest!
A more likely scenario: OPEC revised down its 2009 estimates for world oil consumption & that ol' oil guzzling panda - the chi-coms - aren't hording petrol stocks like they did before the Olympics.
"Continuing worries about a U.S. economy slowdown, which may spread to the euro zone and perhaps also Asia are weighing down on oil pricing," said Victor Shum, an energy analyst with consultancy Purvin & Gertz in Singapore.
Attention democratic socialist myrmidons: these are market forces at work. Boooshitler & death star cheney have nothing to do with it. So take off your class warfare tin foil hat, and stay on vacation a few more weeks. No one will notice.