Oil Prices Fall As Traders Take Profits

[NVMojo]

VIENNA, Austria (AP) - Oil prices fell Friday as traders took profits after prices jumped above $61 a barrel the previous day.

The oil market was also digesting a monthly report Friday from the International Energy Agency, which trimmed its outlook for 2006 global oil demand growth to 1.1 percent from 1.2 percent. Demand growth for 2007 held at 1.7 percent.

The IEA also forecast a 2.6 percent jump in fourth-quarter global energy demand, citing high consumption in the United States. The agency noted U.S. consumption was being compared with figures when the impact of Hurricane Katrina and mild weather curbed demand a year ago.

The IEA said that demand for oil from the Organization of Petroleum Exporting Countries was expected to rise 1.6 million barrels a day, due to lower output from non-OPEC countries.

more...

http://www.lasvegassun.com/sunbin/stories/invest-corp/2006/nov/10/111001439.html

[gratuitous]

1. And yet gas prices around here bumped up 15 cents or so this week

Curious, but I know better than to question the ineffable wisdom of the Free Market.

[BrokenBeyondRepair]

2. the headline should be...

"oil prices fall so specialists can adjust issues to cover his shorts, squeeze out retail investor at a loss, and free up shares for insiders.."

rally will follow; as planned.. like taking candy from very stupid babies

[pissedoffprogressive]

3. Yeah - I guess they are putting money in their pockets for lawyer fees