Leslie Turk

Oil hovering in $60 range

by Leslie Turk

The news is not good for oil-dependent Acadiana. Oil prices continue to hover in the $60 per barrel range and are predicted to fall further due to the global economic slowdown. The AP reported this morning:

Oil prices were steady Friday after this week's giant sell-off, despite a U.S. government report showing the unemployment rate hit a 14-year high last month and predictions from an international energy agency that put the price of crude at $200 per barrel by 2030. Light, sweet crude for December delivery rose 68 cents to $61.45 a barrel on the New York Mercantile Exchange. But the contract dropped below $60 in overnight electronic trading for the first time 19 months.

Read the rest of the AP story here.