"Crude down 20% from record; Unexpected rise in inventory helps drive drop" by Bloomberg News | August 7, 2008
DALLAS - Oil's decline follows a one-year doubling of prices as the dollar weakened, demand in Asia grew, and Iran's nuclear program spurred concern that the country, the Middle-East's second-biggest oil producer, might face a military attack from Israel.
"We've been warning about the oil bubble bursting after reaching $150 because of investors pulling money out of the markets and the negative demand reaction," said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt. "At the moment we expect a corrective move to continue."
Did you just hear some planes fly overhead, readers?
Wonder where they could be going?
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