After a one day panic, oil prices settled back down on Tuesday.
NYMEX crude for November delivery was at US$106.81, with the spot for Brent and West Texas Intermediate at, respectively, US$101.70 and US$107.86.
Brent is the closest thing in price to Newfoundland light, sweet incidentally.
Oil prices may swing up and down over the next couple of days or even into next week, with much depending on the massive bail-out package working its way through the American federal Congress.
On the whole, though, it looks like oil will continue a generally downward trend over the next few months.
The implications of this dropping oil price will become more apparent for Newfoundland and Labrador very shortly.
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