Tuesday, December 8, 2009 - Over the past week the price of oil has dropped $5.65 a barrel, a good indication that oil is on its way to $60 a barrel before the New Year. Gold dropped $64.90, which is a good indication that the dollar is improving. That is confirmed by the increase of $1.78 on the US Dollar Index.
US Dollar Index $1.78
Good news for consumers. Relief at the pump is near says experts. Within a week, if prices stay the same or continue to drop, consumers will see a drop of $0.10 to $0.15 depending where you live. And if this trend continues to drop toward $60 a barrel, a drop of $0.40 to $0.45 can be expected.
Oil and Gold slid slightly lower, and the U.S. Dollar index ticked up; which is all good news for the consumer.
Oil* – Down $1.27 to $72.72
Gold* – Down $$23.10 to $1,131.10
U.S. Dollar Index* – Up $0.42 to $76.22
Continue to follow these markets throughout the day as I update my Twitter, Blogger, and Facebook pages.
* Prices for these commodities were taken at 3:15 PM CST and may not reflect actual closing prices.