Oil prices fall below $70 a barrel
Aug. 29, 2006

Oil prices fell sharply for the second straight day on Tuesday, dipping below $70 a barrel as Tropical Storm Ernesto veered away from the oil and gas region of the Gulf of Mexico. "A lot of people were banking on an active tropical (storm) season and so far it has been nonexistent in relation to platforms in the Gulf of Mexico," said James Cordier, president of Liberty Trading in Tampa, Fla. With economic growth slowing and U.S. crude supplies plentiful, "we''re running out of reasons to buy," Cordier added. U.S. consumer confidence tumbled in August to a nine-month low, the Conference Board reported Tuesday. Light sweet crude for October delivery fell 90 cents to settle at $69.71 a barrel on the New York Mercantile Exchange. The fall extended a $1.90 drop on Monday, leaving oil futures roughly 10 percent below their level of just three weeks ago.

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