Oil drops 5 percent on financial turmoil

[defendandprotect]

Source: Reuters/London

Oil drops 5 percent on financial turmoil By Matthew Robinson
12 minutes ago



LONDON (Reuters) - Oil plunged $5 on Monday as investors fled to safer havens due to turmoil in the U.S. financial system and on early signs Hurricane Ike had spared key U.S. energy infrastructure.

U.S. crude dropped $5.13 to $96.05 barrel at 1338 GMT, after hitting a seven-month low of $94.13 earlier.

U.S. oil fell below $100 briefly on Friday for the first time since early April, and trade was open for a special session on Sunday due to Ike.

London Brent crude fell $5.26 to $92.32 a barrel.



Read more: http://news.yahoo.com/s/nm/20080915/bs_nm/markets_oil_dc

[defendandprotect]

1. I paid #3.60 something yesterday at Gulf near me --

At shore, Gulf was $3.49 --

[madmom]

2. $3.99 yesterday in central Ohio

[crazylikafox]

3. but but but the price of oil wasn't because of financial speculation

:sarcasm:

[rurallib]

4. as noted above, yet gas goes up 10 to 25%

Why? because they have us by the balls and they like to give a gentle squeeze just to remind us who our owners are.