So it looks like the oil markets think that a Kerry win means cheaper oil. Gee, ya think? From Reuters:
Oil prices fell sharply on Monday on speculation that a U.S. election win for Senator John Kerry could ease the geopolitical friction that has helped fuel this year's record-breaking rally.What's that? The oil markets think John Kerry can bring a fresh start to the war in Iraq? Sounds good to me.
U.S. light crude settled down $1.63 to $50.13 after diving as low as $49.30 a barrel, breaking below $50 the first time in nearly a month. U.S. crude peaked a week ago at $55.67 a barrel.
In London, Brent crude lost $1.92 to $47.06 a barrel.
Energy analysts said a win for the challenger Kerry in Tuesday's U.S. presidential election could mean lower crude prices than if President Bush (news - web sites) were reelected. Latest opinion polls can barely separate the two.
