Summary: Oil for November delivery briefly fell below $60 a barrel in Asian electronic trading on the New York Mercantile exchange and in trading on London's ICE Futures exchange Monday. The oil price is now down 23% from its high of $78.40 in mid-July, due to (1) easing concerns about Iran, Middle-East conflict and hurricane risk to Gulf Coast refineries, (2) signs of economic weakness in the US, and (3) ample global inventories -- the U.S. Energy Department says that crude oil inventories are 5% higher than a year ago and diesel and heating oil inventories are 11% higher. Full WSJ article >
Related links: OPEC's Dilemma: When and How to Cut Production • Oil Hits 6-Month Low; Oil Services ETF A Profitable Short • Crude Contrarian To the Extreme: Philip Verleger's At It Again • Ethanol and Oil Sands Stocks at Risk? • Also: Chart and commentary on the U.S Oil Fund ETF (USO).
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