Tuesday, July 28, 2009

Oil Prices Set to Fall

Crude oil prices are set for a dramatic downturn as huge stockpiles of fuels and heating oil accumulate in U.S. storage facilities, analysts say. The Organization of Petroleum Exporting Countries is prepared for drastic declines in crude prices as suppressed demand translates to a buildup of oil based fuel reserves. "Inventories are at just ridiculously high levels," says Kevin Rooney, chief executive at the Oil Heat Institute of Long Island trade group. "I would imagine that just about every available barrel of storage is full".....Complete Story

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