Oil drops to $55
Oil prices slid to near $55 a barrel Thursday in Asia as more bad economic news from the U.S. heightened fears of a severe global downturn that will pulverise demand for crude.Light, sweet crude for December delivery was down 81 cents to $55.35 a barrel, after falling as low as $55.03, in electronic trading on the New York Mercantile Exchange by midmorning in Singapore.
The only good news for Midland here is that restaurants will soon be able to find wait staff again.
0 TrackBacks
Listed below are links to blogs that reference this entry: Oil drops to $55.
TrackBack URL for this entry: http://www.jessicaswell.com/cgi-bin/mt/mt-tb.cgi/2376
Let's not forget that these prices are, if I recall, much like the prices two years ago. Here some of the drilling has slowed and there have been job applications at places which had been begging for workers. But my business has not slowed in the slightest.
Bear in mind though that I do not follow the trends as directly as those actually in the field. I lead by about a year or even more. The long-term prospects still seem to be good.