The price of oil fell Thursday, shedding more than half its value since the summer’s highs, after a government supply report signaled weak demand for petroleum products.
Light, sweet crude for November delivery fell $4.69 to $69.85 a barrel on the New York Mercantile Exchange. Oil is now down 52% from July’s all-time high above $147 a barrel.
Thursday’s closing price was the lowest since Aug. 23, 2007 when oil settled at $69.83 a barrel.
Granted it has been a little more then a year. Still oil prices more than doubled from the price they were at back in August of last year and then went back again to the old price in little more than a year. Makes you wonder what next year will bring.
Free by Christmas! Free by Christmas! You promised!