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| Oil falls below $38, following stocks markets down |
| 2009-02-25 |
| Oil prices extended losses for a second day Tuesday in Asia, falling below $38 a barrel, as a loss of investor confidence that the global economy will recover soon swept across stock and crude markets. Benchmark crude for April delivery fell 59 cents to $37.85 a barrel by midday in Singapore on the New York Mercantile Exchange. The contract overnight fell $1.59 to $38.44. |
| Posted by:Fred |
| #2 Noticed the pump prices driving in today. Down a coupla cents everywhere. |
| Posted by: tu3031 2009-02-25 12:32 |
| #1 Oil doesn't "follow" the stock market. It "follows" the dollar. Both oil and gold are down a bit on a stronger dollar. This is funny today from market watch. At 9:19am ... Metals Stocks: Gold falls as rising stocks reduce safety buying At 12:02pm ... Metals Stocks: Gold rises as falling stocks fuel safe haven buying They can't seem to make up their mind. But for commodities such as oil and gold and other metals and stuff, watch the dollar. on Jan 1 the Euro bought $1.38, and today a Euro will buy you $1.28. Look at a chart since the first of the year and the drop in the Euro against the dollar is pretty steady. The dollar might suck, but the other currencies suck more and the strength of the dollar on world markets is a relative thing. |
| Posted by: crosspatch 2009-02-25 12:29 |