London Bombing- Related story.

any one see this little article here...




Oil falls from record after London explosions


LONDON, July 7 (Reuters) - Oil prices fell sharply in heavy profit-taking from new record highs on Thursday after explosions hit London's transport system.

"It's panic," said a trader.

Dealers said there were worries about the impact of the London incident, the cause of which remained unknown, on the economy.

London Brent fell to a session low of $57.71 a barrel after htting a record $60.70 and by 0940 GMT was off 55 cents at $59.31.


U.S. crude fell to a session low of $59.60 from a record $62.10 and by 0940 GMT was down 40 cents at $60.88 a barrel.

cnn.netscape.cnn.com...

IMO the oil price and market is simply crazy.

The traders left reality long ago and are now out-doing each other with one pathetically OTT reaction to (any) bad news and obscenely grotesque unrealistic and unlikely 'what if....' scare stories one after another (for months and months now), all pushing the price (and their commissions) ever higher.

I think a swingeing 'windfall tax' on the traders, the oil companies and all those making these totally unexpected and unearned 'bonus' profits is well in order.

That'd stop the buggers from chasing ever higher prices and their appalling nonsense.

[edit on 7-7-2005 by sminkeypinkey]