As Fears In Gulf Of Mexico Ease, So Do Oil Prices

J.J. Jackson | September 4, 2008 

Now that it is clear that Hurricane Gustav did no real damage to oil rigs in the Gulf of Mexico, oil prices continued to slide:

SINGAPORE (AP) – Oil prices fell below $106 a barrel Tuesday in Asia – $10 below its close Friday before the Labor Day weekend – as investors shifted their focus to slowing global demand after worries about Hurricane Gustav subsided.

Light, sweet crude for October delivery was trading at $106.03 a barrel in electronic trading on the New York Mercantile Exchange midafternoon in Singapore, and at one point dropped as low as $105.46.
On Monday, when U.S. trading was closed for Labor Day, the contract had plunged $4.34 to $111.12 a barrel in late electronic trading. On Friday, the contract settled at $115.46 a barrel.

With supplies safe, there is no where else for the price to go.

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