AI
Sunday, July 27, 2008 6:15:22 PM
DIG time for reversal yet or DUG is still a good ride?
Crude futures fall 1.8% as economic worries weigh
Crude oil for September delivery lost $2.23, or 1.8%, to $123.26 a barrel on the New York Mercantile Exchange. Crude has fallen seven out of nine sessions since it closed at a record high of $145.18 a barrel on July 14.
Investors were increasingly worried that an economic slowdown will dampen oil demand. Over the past four weeks, U.S. motor gasoline demand has averaged 9.3 million barrels per day, down by 2.4% from the same period last year, the Energy Information Administration reported Wednesday.
Partly relieving economic worries, data showed new orders for U.S.-made capital goods surprised to the upside in June, signaling that some businesses were still spending despite headwinds from the credit crunch and housing recession.
New orders for durable goods rose 0.8% in June, pushed higher by orders for primary metals, machinery and electrical equipment, the Commerce Department reported Friday. See Economic Report.
In the currency market, the dollar was trading higher earlier but turned lower. The dollar's earlier strength put more downward pressure on crude prices, which had slumped 2.4% to an intraday low of $122.50 a barrel.
A rising greenback tends to pressure dollar-denominated crude pries. As the dollar changed course, crude pared some of its losses. The dollar index (DXY 72.86, -0.13, -0.2%) , which measures the greenback against a basket of currencies, was last down 0.1% at 72.81.
http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
My posting is for my own entertainment, do your own DD before pushing your buy/call button
Crude futures fall 1.8% as economic worries weigh
Crude oil for September delivery lost $2.23, or 1.8%, to $123.26 a barrel on the New York Mercantile Exchange. Crude has fallen seven out of nine sessions since it closed at a record high of $145.18 a barrel on July 14.
Investors were increasingly worried that an economic slowdown will dampen oil demand. Over the past four weeks, U.S. motor gasoline demand has averaged 9.3 million barrels per day, down by 2.4% from the same period last year, the Energy Information Administration reported Wednesday.
Partly relieving economic worries, data showed new orders for U.S.-made capital goods surprised to the upside in June, signaling that some businesses were still spending despite headwinds from the credit crunch and housing recession.
New orders for durable goods rose 0.8% in June, pushed higher by orders for primary metals, machinery and electrical equipment, the Commerce Department reported Friday. See Economic Report.
In the currency market, the dollar was trading higher earlier but turned lower. The dollar's earlier strength put more downward pressure on crude prices, which had slumped 2.4% to an intraday low of $122.50 a barrel.
A rising greenback tends to pressure dollar-denominated crude pries. As the dollar changed course, crude pared some of its losses. The dollar index (DXY 72.86, -0.13, -0.2%) , which measures the greenback against a basket of currencies, was last down 0.1% at 72.81.
http://www.marketwatch.com/News/Story/Story.aspx?column=Futures+Movers
My posting is for my own entertainment, do your own DD before pushing your buy/call button
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