Oil Falls to Five-Month Low

Crude oil fell to a five-month low as the dollar gained, curbing demand for commodities as a hedge, and a government report showed employers in the U.S. cut more jobs last month than forecast, a signal that demand may drop.

Oil declined more than 8 percent this week, the most since July, as the dollar rose to the highest this year against the euro. Demand destruction and the strength of the dollar are tailor-made to send oil prices lower, If it weren't for the active hurricane season, prices would be below $100.

Crude oil for October delivery fell $1.48, to $106.41 a barrel at 1:50 p.m. on the New York Mercantile Exchange. Futures touched $105.13, the lowest since April 4. Oil has dropped six straight days, the longest stretch since April 30, 2007, through May 7, 2007. Prices are up 41 percent from a year ago.
The dollar traded at $1.4262 against the euro, compared with $1.4325 yesterday. It touched $1.4196 earlier, the highest since Oct. 24.

However in Portugal due to the attitude and policy of Galp, Repsol and BP Portugal has one of the highest final consumer price for any oil product (diesel /regular) in the world.

These inflated oil prices have the approval of the government, these companies practice the same consumer prices all the time.. and of course the higher the oil price the more revenue for the government....Oil consumption in Portugal this year has dropped more than 10% and all tendencies indicate that it will continue and pass 12% !!!

THE FINAL CONSUMERS ARE THE ONES PAYING FOR THESE COMPANIES EXPLOITS.. ACROSS THE GLOBE OIL PRICES ARE GOING DOWN BUT IN PORTUGAL FINAL CONSUMER PRICES HAVE INCREASED ONCE MORE !!!

THESE COMPANIES IMAGE WITH THE PUBLIC HAS NOW REACHED THE LOWEST EVER...AND IT WILL CONTINUE...

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