There's the summer "driving season," then there's the "oh shit, it's election season:"
Light sweet crude for November delivery declined $1.04 to settle at $60.55 a barrel on the New York Mercantile Exchange. November Brent crude on London's ICE futures exchange declined 93 cents to settle at $60.41 a barrel.
Nymex futures prices also declined for gasoline, heating oil and natural gas, which finished at a new two-year low.
Houston-based oil consultant Dan Lippe of Petral Worldwide said that with worldwide supplies growing, he wouldn't be surprised to see oil back below $50 a barrel, and perhaps as low as $40, within a few years — if not sooner.
Can I get a "doubleplusgood?"
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