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60 oil posts

Oil prices dip on economic concerns

Posted May 15th 2009 7:00PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Forecasts, Consumer Experience, Middle East, Oil, Recession

When we took a look at oil prices last Friday oil was hitting a new 6 month high, and we noted that we could be seeing $60 oil by the end of this week. We did indeed see oil hitting $60 this week, but today prices took a hit, dropping back down under $57 a barrel.

The main reason prices retreated today was in reaction to disappointing news on retail sales, unemployment, and more bad news from the housing market. Oil has dropped $2.10 a barrel today to $56.52, and some analysts think that it still has a way to go before stabilizing.

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Oil jumps to six month high

Posted May 8th 2009 6:40PM by Michael Fowlkes (RSS feed)
Filed under: International Markets, Rumors, Middle East, Commodities, Oil, Recession, Financial Crisis

Record Oil Prices Oil continued its charge today and traded up 3.4% to close the week out at $58.63 and creates a situation where we could very likely be looking at $60 oil again by the end of next week. The last time oil was trading this high was all the way back on November 11.

On Monday we looked at oil, and noted that a big reason for oil's recent jump is increasing optimism towards the overall economy, and that is still the case. The Labor Department reported a drop of 539,000 non-farm payrolls in April, lower than the anticipated loss of 610,000 jobs.

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