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We took a look at how oil prices were starting to fade yesterday afternoon, and in today’s session, they have continued right where they left off. Prices have fallen $2.59 to $95.11 as traders worry about a slowing economy and a possible production increase from OPEC.
Earlier this week, it looked as though oil was going to be making its final charge to break through $100 a barrel, but now the mood has changed as concerns are mounting over the effect an economic slowdown could have on oil demand. Since the middle of this year we have been hearing whispers from Wall Street that a possible recession is on the way, and this chatter has seemed to really pick up over the past week.
Just today we got even more worrisome news when the current consumer confidence figures showed a drop down to 87.3, which is the lowest level we have seen confidence since back in October 2005. There has also been a rise in people thinking that the economy is in trouble to 19.1%, up from 16.6%.
Continue reading Oil continues its retreat on economic concerns
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