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Commodity Daily News
Crude Falls below $70 a Barrel
Wednesday, 12 Aug 2009
Light Sweet Crude for September delivery settled down $1.15, or 1.6%, at $69.45 a barrel on the New York Mercantile Exchange (NYMEX) yesterday as U.S. equities dropped ahead of a government report forecasting an increase in crude supplies in the biggest energy consuming nation. This was the lowest settlement since July 31. It was the fourth straight daily decline and the first time oil settled below $70 this month.
While global economic recovery is impending, demand is still contracting sharply, collapsing faster than anyone expected. Traders should follow today's release of U.S Crude Oil inventories as any bearish number could prompt a further decline in prices.
