Oil Drops to $91 as Rush to $100 Stalls

Saudi oil minister blames speculators, says $60 is more like it
By Jim O'Neill,  Newser User
Posted Nov 14, 2007 7:37 AM CST
Police stop vehicles at a checkpoint near an oil refinery in Jubail, Saudi Arabia, in this June 1, 2004 file photo.   (Associated Press)
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(Newser) – After gushing toward $100 a barrel, oil traded as low as $90.13 yesterday, closing at $91.17. Analysts said the downward pressure could continue as demand for oil slows and OPEC increases production, reports the Wall Street Journal. Saudi Arabia's oil minister, meanwhile, told the Globe and Mail that prices have been jacked up by speculation and should be near $60.

Yesterday’s 3.6% drop fuels hopes of halting oil’s 49% price surge this year, and an IEA report said the “shock effect” helped slow demand for the second straight month. October supplies were up 1.4 million barrels a day, and Iraqi production is expected to rise to its highest point since the US invasion.