Not Out of the Woods, But Out of the Rough

[Kathianne]

http://news.yahoo.com/s/ap/20080731/..._ge/oil_prices

Oil falls to almost $124 on dour US economic data

By STEVENSON JACOBS, AP Business Writer 14 minutes ago

NEW YORK - Oil prices ended lower Thursday, pulling back from the previous day's rally, as disappointing data on the U.S. economy signaled further cutbacks in energy demand for the world's thirstiest consumer.
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In another sign Americans are driving less, U.S. filling stations hungry for business continued to ratchet down retail gas prices, with a gallon of regular falling on average 1.7 cents to $3.909, according auto club AAA, the Oil Price Information Service and Wright Express.

Light, sweet crude for September delivery fell $2.69 to settle at $124.08 a barrel on the New York Mercantile Exchange, a day after the contract soared more than $4 in the biggest one-day jump in two weeks.

"People looked at yesterday's frenzied rally and realized the fundamentals weren't there to support it," said Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill...

[avatar4321]

I Don't think we are out of the rough until we get below $3