Dow Hits Record, Oil Tumbles Below $59

October 3, 2006
By Benjamin Train

The price of Brent North Sea crude oil dove to $58.43 dollars, the lowest point in more than seven months. Crude oil futures have dropped to $58.50, the lowest level since November 2005. Currently, crude is over $2.10 lower on the day. During the past two months, oil prices have shed more than 20% percent. Today's November Unleaded Gasoline futures stands at $1.45 per gallon.

Societe Generale downgraded a number of European oil producers today, noting that there is "more weakness to come."

With the US economic numbers kicking off the week in a slightly disappointing fashion and oil prices also hinting at slow demand ahead, the metals are feeling downward pressure. The gold market remained under strong pressure with the rest of the metals commodities. Silver futures fell below $11.00 to $10.885 - a $1.60 drop. High Grade Copper rose slightly to $3.29