Merry Christmas to OPEC

Dec 25, 2008 by

From a Fox News article.

NEW YORK — Crude-oil futures fell for a third session Wednesday, tumbling 9.3% to close at their lowest level since April 2004, as government data showed inventories at a key delivery point hit a record. Crude for February delivery dropped $3.63 to end at $35.35 a barrel on the New York Mercantile Exchange. Crude inventories at Cushing, Okla., the delivery point for Nymex crude futures contracts, reached 28.7 million barrels in the week ended Dec. 19, the Energy Information Administration reported. It was the highest since at least April 2004, when the government started collecting Cushing data.


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