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Commodities Briefing - Categorized | Futures and Options, Oil, Price Watch more

Oil futures close lower after brief foray above $70

Posted on 31 October 2008

From Marketwatch.com: Crude-oil futures closed with a loss of more than 2% Thursday, retreating from an earlier high above $70 a barrel as traders assess whether interest-rate cuts in the U.S. and China may help revive the global economy and spur energy demand.

“Oil futures have been pretty erratic over the last four months,” said Charles Perry, president of Perry Management, an energy-consulting firm. Oil experienced some profit-taking after the $4-plus rise on Wednesday, he said. The dollar dropped Wednesday, also helping crude’s rise, he said….. Full Article: Source


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