Monday, November 01, 2004
Oil Down $2, Speculators Bet on Kerry Win
LONDON (Reuters) -
Oil prices fell heavily on Monday, taking U.S. crude below $50 on speculation that a U.S. election win for Senator John Kerry (news - web sites) could ease the geopolitical friction that helped fuel this year's record-breaking rally.
U.S. light crude
fell as low as $49.40 a barrel before retracing by 1745 GMT (1:45 p.m. EST) to $49.70 a barrel, down $2.06. U.S. crude has spent nearly a month above $50, peaking a week ago at $55.67.
London Brent lost $2.28 to $46.80 a barrel.
Energy analysts said a win for the challenger Kerry in Tuesday's U.S. poll could mean lower crude prices than if President Bush (news - web sites) is re-elected. Opinion polls put the two neck and neck.
Posted at 01:33 pm by blog swarm
