Dated Brent Spot - 112.74 !!
Crude prices continued their dizzying spiral down on Friday, shedding nearly four dollars to trade below 114 dollars a barrel as the US currency strengthened amid concerns about energy demand, dealers said.
http://afp.google.com/...
Oil prices are dropping because of a number of reasons:
A small, but measurable drop in demand.
The increasing value of the U.S. dollar.
The likelihood of inflated prices in early July.
More from Bloomberg:
Crude oil may fall next week amid weakening demand caused by a global economic slowdown, a survey showed. Thirteen of 35 analysts surveyed by Bloomberg News, or 37 percent, said prices will drop through Aug. 15.
http://www.bloomberg.com/...
A crash in oil prices may seem good at first glance, but it will very likely devastate many new alternative energy projects because they are highly capital intensive on the front end and require higher energy prices to be remotely competitive.