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New York.– Oil prices extended their losses Wednesday, a day after plunging nearly $6 a barrel, as oil market traders shifted their attention from tropical weather to a stronger dollar and falling demand for petroleum products.

Light, sweet crude for October delivery fell $1.07 to $108.64 a barrel on the New York Mercantile Exchange, after earlier dipping as low as $107.32.

On Tuesday, crude plummeted in a dramatic sell-off after it became clear that Hurricane Gustav had left the U.S. oil infrastructure without major damage. Prices settled at $109.71 a barrel, down $5.75 from the close of trading Friday, before the Labor Day weekend; U.S. floor trading was closed Monday.

At one point Tuesday, crude fell as low as $105.46, its lowest level since April.

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3 comment(s)
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Written by: Manhattanite, 3 Sep 2008 11:45 AM
From: United States, New York City
I predicted on this board early in the summer oil was a good short through the end of the year. Still think so right down to about $90 or February, whichever comes first. What is interesting is whether the election will affect this and how.
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Written by: Quisqueyanosoy, 3 Sep 2008 5:46 PM
From: United States
This is so pathetic. Lets stop wasting our energies on hoping that the hurricanes miss, or that war doesn't break out with Iran or Russia, or hoping that the dollar strengthens or praying that oil pricess stay at one price.
Come on people!
When will we get it? We need to learn to transfer to other methods of energy, that is our only solution. Imagine how much the price of oil would drop if we figured out a way to heat homes with out oil?
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Written by: Jander, 3 Sep 2008 11:20 PM
From: Dominican Republic
addicted to oil, the world needs REHAB!
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