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Home > Waco Breaking News > Archives > 2008 > August > 05 > Entry
Oil prices drop to $118 a barrel
Bloomberg News is reporting that crude oil fell to $118 a barrel because it appears that Tropical Storm Edouard will leave U.S. oil rigs and refineries undamaged, and commodities prices are tumbling because of the slowing global economy.
Oil dropped to its lowest level since May 5 as Edouard’s wind speeds remained below hurricane strength as it struck the Texas coast. Gold, platinum and wheat dropped on speculation slower growth will curb demand and as a stronger dollar dulled the appeal of commodities as an inflation hedge.
Here’s the whole story.
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