Oil prices plummeted Friday, the biggest drop in 17 years, erasing the previous session's spike, as the dollar strengthened and investors worried that a decline in demand will spread outside the United States.
U.S. crude for October delivery dropped USD -6.59 to settle at USD 114.59 a barrel on the New York Mercantile Exchange.
Yesterday there was a website arguing that Crude Oil prices moves because its was driven by SUPPLY and DEMAND. Now what has happen today, still want to call it a supply and demand ? "Its a SPECULATION by the speculators."
Yesterday the Crude Oil Prices surged more than USD 6 on Thursday to touch USD 122 a barrel, on a falling dollar and rising concerns about global supply. (that what the article write about)
U.S. crude for October delivery ended USD +5.62 higher at USD 121.18 a barrel, having reached as high as $122.04. Thursday's settlement price was the highest close since Aug. 4, when crude closed at $121.41.
Do you call this one is A SUPPLY or DEMAND again ? Yesterday up USD 5.62 a barrel and today drop USD 6.59 a barrel. Nothing happen in this world at the moment. Do you see any war going on ?
BE RELEVENT and understand that no doubt prices are largely driven by a supply and demand, without speculation there won't be a huge price jump different.
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