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Commodity Daily News
Oil Plunges on Renewed Economic Concerns
Tuesday, 21 Apr 2009
The price of Crude Oil plunged today on fears of a deepening economic recession in the U.S. The dramatic sell-off occurred after the release of first quarter earnings from Bank of America. The day ended with the price of Crude Oil trading at $48.64. This was 7% lower than today's opening price.
The sell-off was very characteristic of traders fleeing riskier investments for those that are considered safe havens. Currencies such as the Dollar, the Japanese Yen, and commodities such as Gold and Silver experienced sharp appreciation yesterday. Such a sharp drop in price may have left Crude Oil in an oversold position. The $50 mark may leave some room for profits in Oil trading.
