Oil prices dived below $85 a barrel Monday in Asia after Standard & Poor's lowered the U.S. credit rating.
SINGAPORE (AP) - Oil prices dived below $85 a barrel Monday in Asia after Standard & Poor's lowered the U.S. credit rating _ a blow to confidence that could hurt economic growth and demand for crude.
Benchmark oil for September delivery was down $2.07 to $84.81 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude rose 25 cents to settle at $86.88 on Friday.
In London, Brent crude was down $2.38 at $107.01 per barrel on the ICE Futures exchange.
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2 comments:
So gas prices will come down. And will Joe post the "1 year ago today" photo to somehow show that the price of gas is an indicator of how well the pres. is doing?
WOW! This is great news. If lower oil prices is the result of the USA having a lower credit rating, The USA's credit rating should have been lowered years ago.
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