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FatalWishes
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Oil Falls ($139.85) as Economic Slowdown Concern Sparks Commodity Selling
| Quote From Source: | uly 8 (Bloomberg) -- Crude oil declined a second day as concern that the global economy may slow further prompted investors to sell commodities.
Oil has lost more than $5 since reaching a record $145.85 a barrel three trading days ago. Gold, soy and corn and aluminum also declined. Equities fell in Europe and Asia and U.S. index futures dropped on expectations that financial firms will need more capital to recover from credit market losses.
''There's a bit of risk aversion, you could say,'' said Andrey Kryuchenkov, an analyst at London-based Sucden (U.K.) Ltd. ''Oil is lower with equities because of negative sentiment on the economy as a whole, while the stronger dollar also removes support, and some of the geopolitical tensions ease.''
Crude oil for August delivery fell as much as $2.69, or 1.9 percent, to $138.68 a barrel in electronic trading on the New York Mercantile Exchange. The contract traded $139.28 at 12:44 p.m. London time.
| | Click source url to view entire story. |
Source Bloomberg
Source URL:
http://www.bloomberg.com/app...=audtzVEXy3pI&refer=home
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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ghoster
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Could it be on the rumor that they will require more on the margin instead of letting them by for 8 bucks a hundred, to say twelve bucks a hundred which would increase the amount they need to cover? Speculators would cringe at that and this might be the pull back from that. Of course, since we don't get any news coverage of anything, it could just be snails in the garden making this happen. You never know. 
As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron."
- H.L. Mencken |
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posted on 7/8/2008 at 07:36
