Oil price falls $6.44admin
After the Federal Reserve chairman sounded bleak notes on the U.S. economy, and world supplies loosened a bit, Crude-oil futures sank more than $6 a barrel Tuesday. After the U.S. opened its Strategic Petroleum Reserve at the onset of the first Gulf War.Light, sweet crude for August delivery settled down $6.44, or 4.4%, at $138.74 a barrel on the New York Mercantile Exchange, falling farthest in dollars since Jan. 17, 1991.
Nymex crude traded in a range of more than $10, and at one point was as low as $135.92 a barrel, down $9.26. the trend mentioned above will probably have a good effect on the world economic in general. But as it is experienced by many those kind of trends can not convince the market significantly. It shed a spark of better future investment though.