Oil drops over 5% |
News - Archived News | |||
Written by Hugh McManus | |||
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August 23, 2008: On Friday, August 22, crude oil dropped 5.4 percent, the largest single day decline since 2004. A strengthening of the US dollar plus a slight weakening in demand helped drive the price down. A report issued last week by the AAA, a non-profit US based travel organization, anticipated a decline in travel over the upcoming US Labor Day Holiday weekend, usually a very heavy travel period. Oil has slumped by over 20 percent since its all time record high last month.
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