Now the oil price becomes interesting. Hurricane Gustav has shown the strength of the market's downwards momentum. The approach of the storm provoked only a modest climb in prices. Its passing, leaving oil platforms and refineries in the Gulf of Mexico intact, has taken the price below $110 a barrel. That represents a fall of almost 30% since July's peak - a serious move, notwithstanding the recovery in the dollar, the currency in which the black stuff is traded, during the same period. The interesting question is whether Opec, the oil producers' cartel, can defend $100.
On the other hand, the price at the pumps may have reached a peak - for now at least. Provided that the value of the pound sterling ceases to drop like a stone ...
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