Oil Prices Drop Below $60 For First Time In More Than 5 Years [View all]
Source: Associated Press
The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.
Benchmark U.S. crude oil dropped 99 cents, or 1.6 percent. Oil has fallen steadily for nearly six months, and is down 44 percent since reaching a high for the year of $107.26 in late June.
"We don't see a price bottom," wrote energy analyst Jim Ritterbusch in a note to investors. He expects oil to fall further, toward $55 a barrel, in the short term.
The drop is a result of rising global oil production, especially in the U.S., at a time when demand has weakened because of slowing economies in Asia and Europe.
Read more: http://www.huffingtonpost.com/2014/12/11/oil-prices-below-60_n_6311644.html
$60 and up is the number talked about to maintain the current fracking crusade. Shall be interesting to watch the industries reaction to under $60 prices.
BP has already announced layoffs as I posted a day or so ago.
The talk now is the bottom to be around $40.
Selfishly speaking, I have a 1200 gallon heating oil tank that I would love to pump another 800 gallons in if the price is right.
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