Tuesday, October 03, 2006

Oil slides below $60

This will have 20 times the effect of the Foley story unfortunatekly for the left they can't control the spin on this.

SINGAPORE (Reuters) -- Oil fell briefly below $60 a barrel Tuesday, extending a 3 percent drop in the previous session, as forecasts for a further build in fuel stocks in the United States offset slight cuts in OPEC output.

U.S. crude fell $1.14 to $59.89 a barrel in early electronic trade after plunging by $1.88 on Monday. London Brent fell 77 cents to $60.45.

Prices were pressured after oil major BP (Charts) said Monday it had restarted the 30,000 barrels per day (bpd) Lisburne satellite oilfield in Alaska over the weekend after correcting a gas leak, adding to bearish sentiment over high U.S. inventories.

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