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Article: Saudi Arabia: Oil Prices Plummet Over $6 Amid Economic Fears.
- Article from:
- TendersInfo
- Article date:
- July 16, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: ismail05
Oil prices fell harder than they have in 17 years on a dollar basis Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.
US light, sweet crude plunged $6.44, or 4.4 percent, to settle at $138.74 in an extremely volatile session. Prices at one point dropped more than $10 a barrel from the day's high.
The turnaround may not signal a lasting shift in sentiment -- prices have swung violently in recent days as they flirted with record highs. But it does underscore investor uncertainty about the sustainability of sky-high prices and potentially long-lasting ...