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US OIL FUTURES BELOW $64, LONDON BELOW $63

by Scott Bennett

Tue, Sep 12, 2006, 06:47 PM

U.S. light crude for October delivery finished $1.85 lower at $63.76 a barrel - the lowest level since March 22 - and the longest losing streak in nearly three years. London Brent crude fell $1.56 to $62.99. May analysts believe that absent a hurricane in the Gulf of Mexico or a major flare up in the middle east oil could be headed toward $50 a barrel. The question is what price will OPEC defend? Iran wants a line in the sand at $60 while the Saudis seem to think somewhere above $50 will do. Gasoline prices are expected to decline another 10-cents by the weekend.