Friday, August 22, 2008

Oil falls 5.4 percent in biggest drop since 2004

Amazing what a serious push for domestic drilling can do...
NEW YORK (Reuters) - Crude oil prices fell more than 5.4 percent on Friday in the biggest one-day slide since 2004 as dealers turned their focus to rising supply levels and weakening global demand. A rebound in the U.S. dollar encouraged the sell-off, applying downward pressure across the commodities markets by weakening the purchasing power of buyers using other currencies, dealers said.

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