Who would have guessed that you could make futures prices on oil drop by introducing more supplies in the future? Apparently no Democrats…and actually many Republicans.
NEW YORK (AP) - Oil prices fell harder than they have in 17 years Tuesday, as fears that record fuel prices are spreading broad economic pain led to the third big sell-off in just over a week.
Light, sweet crude plunged $6.44, or 4.4 percent, to settle at $138.74 in an extremely volatile session. Prices at one point dropped more than $10 a barrel from the day’s high.
The turnaround may not signal a lasting shift in sentiment—prices have swung violently in recent days as they flirted with record highs. But it does underscore investor uncertainty about the sustainability of sky-high prices and potentially long-lasting effects on the broader economy.
“They’re slamming this pretty good. But remember, these (big) moves are becoming a little more commonplace,” said Phil Flynn, analyst at Alaron Trading Corp. in Chicago. Oil prices plummet over $6 amid economic fears
If you liked my post, feel free to subscribe to my rss feeds
Stumble It!
BlogoSquare