Oil on the Defensive

Emerging Money submits:

Between technical factors and a new outbreak of nerves in the Korean peninsula, oil prices are continuing their recent decline this morning. Good chance to shake out the speculators.

West Texas Intermediate crude is down another 1% in early trading, cracking back below the $81 level. Traders say the market is reacting to a combination of factors, including the fresh hostilities that emerged overnight between Pyongyang and Seoul, along with rumors that North Korean dictator Kim Jong-Il is dead or dying.

By admin posted about 1 year ago

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