Guillermo
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Oil Falls on Concern U.S. Bailout Plan May Fail - 2008/09/29 20:35
Hi, Traders! This week is full of expectation on everything that is going on in the US. Markets will be like crazy today. Let's keep an eye on the news.
Commodities fell, led by oil, copper and lead, on concern the U.S. plan to spend $700 billion propping up America's banks won't unlock credit markets and avert a slowdown in the world's largest economy.
Crude oil slumped more than $6, while declines of more than 2 percent among copper, lead, corn, silver and rice, led the S&P Goldman Sachs Commodity Index to a 3.2 percent decline. Negotiations between U.S. Treasury Secretary Henry Paulson and leaders in Congress to push through an agreement didn't stop borrowing costs soaring in Europe, where bank failures caused the single currency to plummet.
Crude oil for November delivery declined as much as $6.08, or 5.7 percent, to $100.81 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $101.08 a barrel at 2:14 p.m. in London.
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