Oil prices fall to $85 after a record of $90 barrel last week

The Oil prices have declined to $85, every day since crude prices rose to a record above $90 a barrel last week. The oil prices went high last week because of the Concerns about a disruption in Iraq. Oil prices dropped further Wednesday ahead of the release of weekly U.S. fuel data expected to show crude stocks rose last week.

Analysts surveyed by Dow Jones Newswires on average predict crude inventories rose 300,000 barrels during the week ended. However, estimates vary widely, ranging from an increase of 2 million barrels to a decrease of 2 million barrels. Analysts also predict the EIA report will show refinery utilization rose 0.3 percentage points; gasoline supplies, still near record lows, rose 1.1 million barrels; and distillate stockpiles, which include heating oil and diesel, rose 200,000 barrels.

Light, sweet crude for December delivery fell 75 cents to settle at $85.27 on the New York Mercantile Exchange. December Brent crude declined 8 cents to $82.77 a barrel on the ICE futures exchange in London. Heating oil futures rose 0.02 cent to $2.30 a gallon while gasoline prices fell 0.04 cent to $2.1085 a gallon. November natural gas fell 13 cents to settle at $6.761 per 1,000 cubic feet. Gasoline supplies, still near record lows, likely rose 1.1 million barrels, and distillate stockpiles, which include heating oil and diesel, likely rose by 200,000 barrels.

Although oil keeps fluctuating, as seen it showed a record high last week and suddenly dropped by Wednesday. If this continues the oil prices will go down to a record level in not more than few days.

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This week Dow Jones hit a record closing on Tuesday with 14,164.53 points, and a record during the session with 14,198.10 points.

New York Stock Exchange will face a series of results from companies that will confirm its record levels and put macroeconomic data aside.

At the end of an irregular week, the Dow Jones Industrial Average advanced 0.19%, closing on Friday at 14,093.08 points.

This week Dow Jones hit a record closing on Tuesday with 14,164.53 points, and a record during the session with 14,198.10 points. NASDAQ composite index gained 0.91% with 2,805.68 points for the entire week. Standard and Poor’s 500 added 0,27%, closing on Friday with 1,561.80.

Driven by Dow Jones, SP 500 also registered historical records: 1,565.26 on Tuesday close and 1,576.09 on Thursday close.

Meanwhile, the performance of 10 year bonds advanced 4.687% against 4.640% on Friday, and 30 year bonds advanced 4.905% against 4.871% a week ago.

After this new series of records, financial turbulences over the last months seem to be a thing of the past, although “investors seem nervous about the scale of the recent rise”, says Frederick Dickson, analyst at DA Davidson & Co.

"There is a certain fear that the market has advanced too much in a short period, even before the results from companies”, said Marc Pado, from Cantor Fitzgerald.

During the next week, the results’ season will get ahead with the publishing of a large number of high-capitalization companies in Wall Street.

Yahoo! and Intel will publish their results on Tuesday, Apple and eBay on Wednesday, and AMD and Google on Thursday.

The banking sector, first victim of the summer, will also show its performance: Citigroup (Monday), JP Morgan and Merrill Lynch (Wednesday), Bank of America (Thursday), and Wachovia (Friday).

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