Crude Oil Prices Plummet
July 15, 2008
Crude oil prices fell $6.44 on the New York Mercantile Exchange Tuesday, the biggest decline in dollar terms since the Gulf War -- yet prices are no lower than they were a week ago, reports the Associated Press.
Fears of what record fuel prices are doing to the economy sparked a sell-off, and crude settled at $138.74 a barrel after at onep point dropping more than $10 from the day's high.
This comes after oil prices hit a record $147.27 Friday.
Meanwhile, the OPEC oil cartel is predicting world oil demand will rise by 900,000 barrels a day in 2009 -- 100,000 barrels per day less than this year.