Rodney
User
Platinum Boarder
| Posts: 212 |   |
Karma: 8
|
Oil Tumbles More Than $5 a Barrel - 2008/10/10 20:11
Good day, traders. This week has been a mess for all the World Markets. Now, if you placed "sell" bets, then this week has been a happy one for you 
Oil dropped $5 a barrel and copper headed for its worst week in more than 20 years on concern the deepening financial crisis will push the global economy into a recession, cutting demand for raw materials.
Oil in New York headed for its biggest weekly decline since 2004 as plunging share prices in Asia and Europe left the MSCI World equity index headed for its worst week since 1970.
Crude oil for November delivery fell as much as $5.46, or 6.3 percent, to $81.13 a barrel on the New York Mercantile Exchange. The contract traded at $82.56 at 1:17 p.m. in London. Crude futures are down more than 12 percent this week, and have dropped 44 percent from a record $147.27 a barrel reached on July 11.
|
Traders Forum 
