Oil Prices are down 18% from a year ago and have dropped 51% from the record $147.27 a barrel reached on July 11

The Nov NYMEX oil futures contract closed lower at $74.53 from $78.63 the day before. It is now firmly under the $80 key level. Today it fell further to $71.21, the lowest since Aug 2007, and is trading on the soft wide at $72.30 at 11:09 am GMT. Bloomberg says Prices are down 18% from a year ago and have dropped 51% from the record $147.27 a barrel reached on July 11.

So, OPEC can hold an emergency meeting in November but it may not have any effect on the price of oil-fear of recession and demand destruction are stronger. Even Hurricane Omar, which caused a Virgin Islands refinery to shut down, is not having the usual effect.

Gold Futures are soft, having fallen to $835.50 from $836.30 the day before. Some analysts say gold is not thriving because some futures traders are getting hit with margin calls or otherwise need to raise cash.

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