Oil prices continue to slide for third consecutive day

Oil prices continue to fall as investors react to the fraud charges against Goldman Sachs and the strength of the dollar. Oil prices fell to US$83.1 on the Nymex. Oil prices had been rising in the previous week, on strong retail sales and other economic data, but demand levels still did not justify the spike. Oil prices had been dipping even before news of the Goldman case as several oil traders began to sell in an overheated market. The Goldman case compounded the selling activity. Developments on the Icelandic volcanic eruption that has affected international travel and oil demand, are being closely watched.
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