Saturday, December 1, 2007

Omega 5 oil botanical skin care prices are still unaffected by OPEC

POMEGA officials are happy to report that Omega 5 oil
ultra green skin care prices
will remain stable through the holiday season
very much like vintage cars
Oil Prices Fall Ahead of OPEC Meeting
By JOHN WILEN – 23 hours ago
NEW YORK (AP) — Crude oil prices dipped to their lowest level in a month Friday, falling below $90 a barrel as investors sold amid signs of weakening demand and expectations OPEC will boost production next week.

The slide in oil may mean that consumers see relief at the pump soon, analysts said. Gasoline and heating oil futures also moved lower.

It was quite a turnaround for crude oil prices, which began the week pushing $100 a barrel but appeared set to end it by falling to their lowest levels since October.

Light, sweet crude for January delivery fell $2.08 to $88.93 a barrel on the New York Mercantile Exchange. Crude prices are more than $10 below Monday's high of $99.11 a barrel and the all-time high of $99.29 a barrel set last week.

Oil's downturn is good news for consumers, who will likely see lower gas prices in coming days, said Tom Kloza, publisher and chief oil analyst at the Oil Price Information Service.
"We're looking at (gas prices) backing off quite a bit," he said.

Overnight, gas prices slid 0.8 cent to a national average of $3.088 a gallon, according to AAA and the Oil Price Information Service. Prices have been flat for the past two weeks after rising steadily for a month as oil prices approached $100 a barrel.

Gas prices could fall back to mid-October levels, when they averaged about $2.76 a gallon, Kloza said. Despite the downturn, many observers predict gas prices will rise steeply in the spring, and could threaten the record price of $3.227 a gallon set in May. That's because analysts expect next year's prices to be driven by rising demand and tight supplies; last year's records came as a string of unexpected refinery outages cut gasoline output.

Oil prices have been pressured in recent days by evidence of rising Organization of Petroleum Exporting Countries output, expectations that OPEC will agree at a meeting next week to increase production further and tepid domestic demand.

U.S. demand for oil fell 0.8 percent in September compared to a year ago and is at its lowest level since April 2006, said Addison Armstrong, an analyst at TFS Energy Futures LLC in Stamford, Conn., in a research note.

Meanwhile, recent data from English tanker-tracking firm Oil Movements shows OPEC output is already on the rise, even as analysts expect further production hikes.

"Slowing demand and possible oil production increases by OPEC have combined to ease the upward pressure on oil prices," Armstrong said.

Oil investors quickly looked past Thursday's fire at an Enbridge Energy Partners LP pipeline in northern Minnesota. Three of the pipeline's four conduits were returned to service Thursday, and the fire-damaged line, which was already closed for maintenance at the time of the accident, was expected to be back up within days. The four pipelines together normally carry about 16 percent of U.S. crude imports.

Other petroleum futures were also down Friday. December gasoline futures fell 3.48 cents to $2.23 a gallon on the Nymex, while December heating oil futures fell 6.04 cents to $2.5167 a gallon. Both contracts expire at the close of trading Friday.

January natural gas futures fell 3.4 to $7.418 per 1,000 cubic feet on the Nymex.
In London, January Brent crude dropped $1.78 to $88.44 a barrel on the ICE Futures exchange.

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