Economy causes OIL price drop… This is good news!

According to an article on CNNMoney …..

“Away from the Dow, ConocoPhillips (COP), the No. 3 U.S. oil major, said it sees lower prices for crude and natural gas in the third quarter and refining margins falling worldwide.

Separately, Merrill Lynch cut its 2009 oil price forecast to $90 a barrel from $107 a barrel and warned that a “synchronous global recession” could bring oil prices to $50 a barrel.

Crude futures fell $4.56, or 4.6%, to close at $93.97 a barrel on the New York Mercantile Exchange.”

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