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THURSDAY, NOVEMBER 26, 2009
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Oil Drops to $91 as Rush to $100 Stalls

Saudi oil minister blames speculators, says $60 is more like it

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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.

Police stop vehicles at a checkpoint near an oil refinery in Jubail, Saudi Arabia, in this June 1, 2004 file photo.
Police stop vehicles at a checkpoint near an oil refinery in Jubail, Saudi Arabia, in this June 1, 2004 file photo.   (Associated Press)
High gas prices are posted at a Shell gas station in Menlo Park, Calif., Wednesday, Nov. 7, 2007. Oil prices have stalled in their climb toward $100 a barrel.
High gas prices are posted at a Shell gas station in Menlo Park, Calif., Wednesday, Nov. 7, 2007. Oil prices have stalled in their climb toward $100 a barrel.   (Associated Press)
An oil refinery in Whiting, Ind., is seen Wednesday, Nov. 7, 2007.
An oil refinery in Whiting, Ind., is seen Wednesday, Nov. 7, 2007.   (Associated Press)
European Commission's President Jose Manuel Barroso addresses the 20th World Energy Congress & Exhibition in Rome, Italy, Monday, Nov. 12, 2007. International energy experts, industry representatives and government officials have gathered in Rome as soaring oil prices added urgency to discussions about rising energy demand and supply problems.
European Commission's President Jose Manuel Barroso addresses the 20th World Energy Congress & Exhibition in Rome, Italy, Monday, Nov. 12, 2007. International energy experts, industry representatives...   (Associated Press)
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