OIL DEMAND DOWN/SUPPLIES UP

OIL SLIDES AS MARKETS ADJUST, PER CNN and YAHOO FINANCIAL SITES

The price of oil has fallen to about $51.50 per barrel as surprising supply figures show that American oil supplies are up about 5.6 billions barrels. Gasoline inventories have also risen, according to these articles.

Demand for gasoline also fell by 2.2% and overall demand for petroleum products fell by about 3% from the same period last year.

The average nationwide price for a gallon of regular unleaded gasoline dipped to $2.742 a gallon from $2.752. Gas prices peaked at $3.057 on Labor Day in the wake of Hurricane Katrina, according to these same sources. A year ago, the average cost of a gallon of regular unleaded gasoline was $2.005
Oil and oil services technical indicators have slid recently and are approaching a point where a reversal is possible. However, all market indices are negative, so equity investments in these sectors would warrant great caution.

DRIVE AS IF YOUR WALLET DEPENDED UPON IT IN THE DESERT OF THE REAL!