Oil prices slipped toward $58 a barrel... just before winter

[signatory]

So is this as low as it will get this year ? Looks like pretty stable numbers and room enough to absorb sudden spikes man-made (opec/iran) or nature.

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Refineries: Delivering at 88,9% of capacity (+2,7%)
Crude oil Stockpiles: + 2 million barrels
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http://today.*******.com/news/articleinvesting.aspx?type=hotStocksNews&storyID=2006-11-02T074029Z_01_SP116010_RTRUKOC_0_US-MARKETS-OIL.xml

SINGAPORE (*******) - Oil prices slipped toward $58 a barrel on Thursday but remained in the middle of their month-long trading range after U.S. oil data showed a modest rise in crude inventories but sharp falls in fuel stocks.

U.S. light, sweet crude oil futures fell 27 cents to $58.44 a barrel by 0716 GMT after slipping just 2 cents on Wednesday, when prices whipsawed in a $1.65 range. London Brent crude was down 22 cents at $58.76 a barrel.

[Asheren]

I guess its time for another terrorist attack.

[ed316]

Yep. It's up 6 cents at the place I usually go to.

[socom6]

From what Ive heard the oil guys have been seeing major moves towards Ethanol production in the US and they have noticed some high profile peeps with much much moolah getting into it, their getting queasy.

[annihilation]

Just in time for elections, how nice. Lets see how high prices go up after the Nov 7th elections.

Personally I prefer higher prices just on the fact that it encourages more for alternative fuel sources. Granted we should have been looking for an alternative fuel source since the 70's OPEC embargo and more specifically after 9/11.