« GM to make Volt electric car in 2010 | Main | Backseat Driver: Britain's Top Gear TV Show in the American South »

Oil Prices Drop Below $80 a Barrel

VIENNA -- Oil prices slipped below $80 a barrel Tuesday amid profit-taking as investors awaited the weekly U.S. energy supplies report due Wednesday, according to the Associated Press.

Some investors were taking profits after September's record-setting rally, said David Moore, a commodity strategist at the Commonwealth Bank of Australia in Sydney. He said the U.S. Energy Department report "will be important for the short-term direction of oil prices."

Light, sweet crude for November delivery on the New York Mercantile Exchange fell 61 cents to $79.63 a barrel in electronic trading by midday in Europe.

Posted by Peter C. T. Elsworth  at 10:09 AM to Crude oil market | Permalink

Comments

Post a comment

Please be civil. Vicious comments, personal attacks and profanity won't be published.

Name:

Email Address:

URL:
Remember Me? YesNo

Comments: (you may use HTML tags for style)