Oil Watch: 11/19/07 - 11/24/07 Prices, Causes and Effects

Closing price: $98.18 per barrel (up)
National gas average: $3.08 (down)

Expect oil prices to stay steady or even drop, unless prices hit $100. Most likely though, oil will drop as production is expected to increase.

Cause(s):
1. Weak dollar (again)
Yes, this is essentially permanent. A lower dollar makes oil cheaper in countries that use other currencies.
2. Thanksgiving
Needs no explanation.

Effect(s):
OPEC finally seems ready to increase output.