Oil Prices Fall Below $70 a Barrel
WASHINGTON — Oil prices fell sharply for the second straight day on Tuesday, dipping below $70 a barrel as Tropical Storm Ernesto veered away from the oil and gas region of the Gulf of Mexico.
"A lot of people were banking on an active tropical (storm) season and so far it has been nonexistent in relation to platforms in the Gulf of Mexico," said James Cordier, president of Liberty Trading in Tampa, Fla.
With economic growth slowing and U.S. crude supplies plentiful, "we're running out of reasons to buy," Cordier added.
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"A lot of people were banking on an active tropical (storm) season and so far it has been nonexistent in relation to platforms in the Gulf of Mexico," said James Cordier, president of Liberty Trading in Tampa, Fla.
With economic growth slowing and U.S. crude supplies plentiful, "we're running out of reasons to buy," Cordier added.
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posted by anthony m, at Tuesday, August 29, 2006
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