Oil down, eyes $60 low; BP restarts Prudhoe Bay

[Purveyor]

Sun Sep 24, 2006 3:39pm ET

SINGAPORE, Sept 25 (Reuters) - Oil prices fell on Monday, threatening to test a new six-month low under $60 a barrel as news of BP restoring output at Prudhoe Bay added to a sense of healthy supplies, while demand growth questions loomed large.

U.S. light, sweet crude for November <CLc1> fell 35 cents to $60.20 a barrel by 2319 GMT, within sight of last week's $60.00 low as the slump from early August runs to more than $17, extending the market's biggest decline in over 15 years.

The rout, triggered by easing concerns over Iran and an unexpectedly mild hurricane season, deepened last week as U.S. crude and fuel stocks remained robust, speculators grew anxious over slowing economic growth in the top consumer and hedge fund Amaranth Advisors registered billions of dollars in losses.

"Concerns over economic slowdown and uncertainty surrounding the potential liquidation of trading positions following significant losses in recent days generated further downward pressure on prices (last) week," Goldman Sachs said in a report.

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http://tinyurl.com/resb7

[LostInAnomie]

1. Just wait until the day after the election...

... when a cloudy sky in the Gulf of Mexico causes the price of gas to jump up 50 cents a gallon.

[seriousstan]

2. You should invest in futures with that keen insight of yours.

[w4rma]

3. Invest slightly after election day before the major recounts are accepted.

And fill your tanks up, also.