Tuesday, November 2, 2004
Reuters
Oil Deepens Fall Under $50, Awaits Vote
U.S. oil prices fell further below $50 a barrel on Tuesday, adding to a week-long slide that has cut more than $5 off record-high prices, as some traders cashed in profits ahead of the U.S. presidential election.
Rising U.S. crude oil inventories and production, signs of slowing economic growth and speculation that a victory by Democrat challenger Senator John Kerry could prove bearish for oil all led to a wave of profit-taking that has knocked prices around 10 percent below last week's record high $55.67.
U.S. crude oil was 38 cents lower at $49.75 a barrel, after dropping $1.63 on Monday, when prices dipped below $50 for the first time in a month.
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