oil market

Oil prices tumbled Tuesday as the meltdown on Wall Street pulled the oil market's focus to the economic slowdown that has already been cutting away at demand for energy.

Oil prices Wednesday were up a bit from Tuesday but were still sharply down from their recent peak of about $145 dollars a barrel.

Analysts say investors in the oil market are selling off in order to cash in after the recent run-up in prices, and because they think prices will fall further.

» E-Mail This     » Add to Del.icio.us

An influential oil-policy group released a report Tuesday arguing that the increase in oil-market speculation is not driving up crude prices.

But the study far from ends the debate.

There's no question about it, a new breed of speculator is pouring money into the oil market and helping drive prices to record levels.

What's less certain is if this new money is essential to a healthy market.

US Vice-President Dick Cheney arrives in Saudi Arabia for talks focusing on security and the oil market.

The price of oil passed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.

» E-Mail This     » Add to Del.icio.us