Guest guest Posted October 16, 2008 Report Share Posted October 16, 2008 Dear friends, Oil prices have plunged in recent weeks and are now less than 1/2 of what they were only three months ago. The oil price has declined strongly in the past one to two weeks. This likely reflects two transit developments: - SUN, as dispositor of SATURN in Leo, has this week become weak in old age in Virgo and will soon enter Libra, its sign of debilitation. - the aspect of JUPITER to SATURN has progressively become wider since it peaked on September 8. It will be interesting to see what happens to the oil price when JUPITER again closely aspects SATURN in late November 2008, when the SUN will have also regained its strength as it passes through Scorpio. Best wishes, Thor updated 9 minutes ago Oil closes at 14-month low Story Highlights Oil prices fall to 14-month low as slowdown fears take hold Organization of Petroleum Exporting Countries considering production cut Oil prices are now half of the peak they reached in mid-July NEW YORK (AP) -- Oil prices closed at a new 14-month low beneath $70 a barrel Thursday, bringing its price to less than half its July record high after the U.S. government reported massive increases in U.S. crude and gasoline supplies. The demand for oil is expected to keep falling in the coming months as growth slows. Investors took the news as more evidence that a global credit crisis and a shaky economy are curbing demand for oil. The selloff in crude came despite an announcement by OPEC on Thursday that it was moving up by almost a month an emergency meeting to discuss oil's rapid drop in value, including whether or not a production cut is needed. The Organization of the Petroleum Exporting Countries will now meet October 24 at its headquarters in Vienna, Austria, instead of November 18. Oil market traders ignored the statement, convinced that prices are headed lower. Light, sweet crude for November delivery dropped $4.69, or 6.2 percent, to settle at $69.85 a barrel on the New York Mercantile Exchange, the lowest settlement prices since August 23 2007. Earlier prices dipped to $68.57, a level not seen since June 27, 2007. Crude has now fallen 52.5 percent since surging to a record $147.27 on July 11. Some energy analysts have predicted oil could fall as low as $50. http://edition.cnn.com/2008/BUSINESS/10/16/oil.prices.low.ap/index.html Quote Link to comment Share on other sites More sharing options...
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