Monday - August 08, 2011
Some Good News
Well yeah, duh, nobody can afford to do any but the most essential driving!
Oil Plummets 6 Percent to 2010 Low on US Downgrade
Oil plunged 6 percent on Monday, crashing below technical support levels as the historic downgrade of the U.S. debt rating hammered markets and stoked concerns of an economic slowdown. U.S. light, sweet crude traded down $5.57 to settle at $81.31 a barrel, the lowest close since Nov. 23. Brent crude dropped $6.56 to $102.81 a barrel, breaking strongly below the 200-day moving average of $106.89 a barrel, after pushing through the key technical level during intraday activity on Friday before settling higher. Brent crude broke through the 200-day moving average after shedding nearly $13 a barrel since the start of August in the first session since Standard & Poor’s cut the United States’ top-tier AAA credit rating.
“In the tumultuous aftermath of the U.S. downgrade from S&P, the world also is downgrading the oil market,” said Phil Flynn, analyst at PFGBest Research in Chicago.
Trading volumes spiked as the sell-off picked up speed late in the day, triggered by a rapid drop off in stock markets that sent the S&P 500 Index down 6 percent in the biggest daily drop since late 2008.
“We’re watching the $80 area (for U.S. oil) after taking out the morning lows, and the 1,100 area for the S&P 500, but there is so much uncertainty and fear about a double-dip recession that it’s hard to say we’ll find any support at those levels,” said Gene McGillian, analyst for Tradition Energy in Stamford, Connecticut.
...
The S&P downgrade added to concern about demand in the world’s top oil consumer, where gasoline demand for July fell to the lowest level since 2003, according to data from the U.S. Energy Information Administration.
Analysts warned oil prices could fall further if a second recession takes hold, but both Merrill Lynch and Goldman Sachs maintained their 2012 price forecasts.
The Double Dip isn’t just idle speculation anymore. It’s coming, if it isn’t here already.
Posted by Drew458
on 08/08/2011 at 03:50 PM
Filed Under: • Oil, Alternative Energy, and Gas Prices •
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