Take a look of this announced oil drop news of approx USD60 a barrel.............

[Damned-Virus-Data Miner providers]

Hello all,
Oil rises above $71 on expectations of OPEC cut
By STEVENSON JACOBS,AP Business Writer AP - Saturday, October 18NEW
YORK - Oil prices recovered some ground Friday, rallying above $71 a
barrel on speculation that OPEC could slash output in an effort to
stop crude's downward spiral. But pump prices kept falling and
appeared poised to drop below $3 a gallon nationally _ a level not
seen in eight months.

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Light, sweet crude for November delivery rose $2 to settle at $71.85
a barrel on the New York Mercantile Exchange after earlier rising as
high as $74.30. On Thursday, prices lost $4.69 to settle at $69.85 a
barrel.

Despite Friday's modest rally, oil is still down $75 _ or 51 percent _
since catapulting to a record high of $147.27 on July 11.

The bearish sentiment around oil has grown more feverish in recent
days, lopping more than $11 off prices in the previous three trading
sessions alone. A barrel of crude hasn't been this cheap in almost 14
months.

The pullback comes as a widening economic slowdown forces a wholesale
contraction in U.S. energy demand: Americans are driving less,
airlines are keeping more planes on the ground and businesses are
ramping down operations.

Highlighting the weak appetite for energy, U.S. filling stations
hungry for business ratcheted down prices for a gallon of regular by
another 4.4 cents overnight to a new national average of $3.04,
according to auto club AAA, the Oil Price Information Service and
Wright Express. That's 26 percent lower than the all-time high of
$4.114 reached July 17 but 8.7 percent higher than a year ago.

Still, 23 states are now seeing average pump prices below $3,
according to AAA, and the average for the entire country is expected
to hit that mark sometime this weekend. Prices haven't been below $3
nationally since Feb. 16.

"Depending upon how things go in the next few months, we might have
another significant move down in gas prices. You're probably talking
another 20 cents lower," said Gene McGillian, an analyst at TFS Energy
LLC in Stamford, Conn.

Worried about the financial fallout of the oil price drop, the
Organization of the Petroleum Producing Countries, which controls 40
percent of the world's oil supply, called a special meeting for next
Friday in Vienna, Austria to address the slide. Underscoring the
cartel's anxiety, it moved up the date of the meeting by nearly a
month.

An Iraqi lawmaker said Friday the government expects to cut its budget
next year by $15 billion because of falling oil prices. Abbas al-
Bayati, a senior lawmaker of the United Iraqi Alliance, the largest
Shiite bloc in parliament, said the recent plunge would cut into
earlier budget estimates, which were made when crude was hovering
around $120 a barrel.

Analysts say OPEC could decide to trim output by as much as 1 million
barrels a day in a bid to halt the slide, in addition to a 500,000
barrel per day cut announced last month.

That may have led some traders to bid up oil on Friday, though any
rally will likely be short-lived given the rapidly waning appetite for
petroleum products, said Addison Armstrong, director of market
research at Tradition Energy in Stamford, Conn.

"Demand is really in trouble," Armstrong said. "Every week we get
figures showing falling U.S. demand for energy. European demand is
just beginning to turn down, and all indications are that China is in
for a significant economic downturn."

"We could have prices in the low $60 range very soon," he added.

Still, some analysts say crude's decline has been overdone amid the
panicked selling in world equity markets.

"Even in a dire economic situation, a lot of energy use isn't
discretionary, so I expect prices to bounce back at some point," said
Gavin Wendt, head of mining and resources research at consultancy Fat
Prophets in Sydney.

In other Nymex trading, heating oil futures rose 4.61 cents to settle
at $2.1569 a gallon, while gasoline futures rose 4.41 cents to settle
at $1.661 a gallon. Natural gas for January delivery rose 9.1 cents to
settle at $7.306 per 1,000 cubic feet.

In London, December Brent crude rose $1.76 to settle at $69.60 a
barrel on the ICE Futures exchange.

___

Associated Press writers Pablo Gorondi in Budapest, Hungary, Bushra
Juhi in Baghdad and Alex Kennedy in Singapore contributed to this
report.

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Adapted from Yahoo news............

[Goon Ga Zai]

Even if it drops to 1 dollar a barrel, we Sinkapooran can only watch but
can't enjoy the benefits. Remember we use gas to power our country when
crude oil prices is falling, however, the Sinkapoor gov. will turn to crude
oil to power the nation when crude oil prices is increasing. Why like that
ha? Don't ask me they are scholars and suppose to know what they're doing,
remember we pay them multimillion salaries to take care of our well-beings.

Post by Damned-Virus-Data Miner providers
Hello all,
Oil rises above $71 on expectations of OPEC cut
By STEVENSON JACOBS,AP Business Writer AP - Saturday, October 18NEW
YORK - Oil prices recovered some ground Friday, rallying above $71 a
barrel on speculation that OPEC could slash output in an effort to
stop crude's downward spiral. But pump prices kept falling and
appeared poised to drop below $3 a gallon nationally _ a level not
seen in eight months.
ADVERTISEMENT
Light, sweet crude for November delivery rose $2 to settle at $71.85
a barrel on the New York Mercantile Exchange after earlier rising as
high as $74.30. On Thursday, prices lost $4.69 to settle at $69.85 a
barrel.
Despite Friday's modest rally, oil is still down $75 _ or 51 percent _
since catapulting to a record high of $147.27 on July 11.
The bearish sentiment around oil has grown more feverish in recent
days, lopping more than $11 off prices in the previous three trading
sessions alone. A barrel of crude hasn't been this cheap in almost 14
months.
The pullback comes as a widening economic slowdown forces a wholesale
contraction in U.S. energy demand: Americans are driving less,
airlines are keeping more planes on the ground and businesses are
ramping down operations.
Highlighting the weak appetite for energy, U.S. filling stations
hungry for business ratcheted down prices for a gallon of regular by
another 4.4 cents overnight to a new national average of $3.04,
according to auto club AAA, the Oil Price Information Service and
Wright Express. That's 26 percent lower than the all-time high of
$4.114 reached July 17 but 8.7 percent higher than a year ago.
Still, 23 states are now seeing average pump prices below $3,
according to AAA, and the average for the entire country is expected
to hit that mark sometime this weekend. Prices haven't been below $3
nationally since Feb. 16.
"Depending upon how things go in the next few months, we might have
another significant move down in gas prices. You're probably talking
another 20 cents lower," said Gene McGillian, an analyst at TFS Energy
LLC in Stamford, Conn.
Worried about the financial fallout of the oil price drop, the
Organization of the Petroleum Producing Countries, which controls 40
percent of the world's oil supply, called a special meeting for next
Friday in Vienna, Austria to address the slide. Underscoring the
cartel's anxiety, it moved up the date of the meeting by nearly a
month.
An Iraqi lawmaker said Friday the government expects to cut its budget
next year by $15 billion because of falling oil prices. Abbas al-
Bayati, a senior lawmaker of the United Iraqi Alliance, the largest
Shiite bloc in parliament, said the recent plunge would cut into
earlier budget estimates, which were made when crude was hovering
around $120 a barrel.
Analysts say OPEC could decide to trim output by as much as 1 million
barrels a day in a bid to halt the slide, in addition to a 500,000
barrel per day cut announced last month.
That may have led some traders to bid up oil on Friday, though any
rally will likely be short-lived given the rapidly waning appetite for
petroleum products, said Addison Armstrong, director of market
research at Tradition Energy in Stamford, Conn.
"Demand is really in trouble," Armstrong said. "Every week we get
figures showing falling U.S. demand for energy. European demand is
just beginning to turn down, and all indications are that China is in
for a significant economic downturn."
"We could have prices in the low $60 range very soon," he added.
Still, some analysts say crude's decline has been overdone amid the
panicked selling in world equity markets.
"Even in a dire economic situation, a lot of energy use isn't
discretionary, so I expect prices to bounce back at some point," said
Gavin Wendt, head of mining and resources research at consultancy Fat
Prophets in Sydney.
In other Nymex trading, heating oil futures rose 4.61 cents to settle
at $2.1569 a gallon, while gasoline futures rose 4.41 cents to settle
at $1.661 a gallon. Natural gas for January delivery rose 9.1 cents to
settle at $7.306 per 1,000 cubic feet.
In London, December Brent crude rose $1.76 to settle at $69.60 a
barrel on the ICE Futures exchange.
___
Associated Press writers Pablo Gorondi in Budapest, Hungary, Bushra
Juhi in Baghdad and Alex Kennedy in Singapore contributed to this
report.
Email StoryIM StoryPrintable ViewBlog This
Adapted from Yahoo news............