Oil sheds $2 on credit squeeze and economy fears |
Reuters.uk - Aug 16, 2007 |
Oil dropped $2 on Thursday as credit and economic fears pounded global financial markets and as a storm threat to U.S. Gulf refineries and rigs receded.
Oil had resisted Wednesday's declines on other markets as investors tracked two tropical storms in the Atlantic and reacted to a bigger-than-expected fall in U.S. crude oil stocks.
But latest forecasts projected Dean, upgraded to a hurricane, would miss U.S. oil facilities. Tropical Storm Erin's heavy rains were expected to reach Texas later Thursday.
U.S. crude fell $2.03 or 2.8 percent to $71.30 a barrel by 7:24 a.m. EDT, nine percent below its August 1 record high of $78.77. London Brent crude was down $2.36 at $69.28.
Read Full Article from Reuters.uk
- Posted: 2007-08-16 09:31:54
More Stock Investor Place Financial News |
|
|
|
Stock Investor Place Financial News Archive |
|
|