Excerpt from: CFDs & Spread Bets
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| October 24, 2008 | | Oil prices drop in commodities trading | Financial spread betting strategy on oil prices should consider that things are moving lower -- even after an announcement from OPEC that production is going to be cut.
One of the things that sent oil prices lower in commodities trading is the fact that the announced production cut of 1.5 million barrels per day was smaller than expected.
With global demand for oil plummeting, it is no real surprise that oil prices must fall too. Global recession is stifling demand, especially in developing nations. CNN Money reports on the effects of the global financial crisis on oil prices:
"The financial crisis is ... dampening the demand for energy, in
general, and oil in particular," said OPEC in a statement released
after the meeting concluded. "Oil prices have witnessed a dramatic
collapse - unprecedented in speed and magnitude." | Topic Tags: commodities trading, financial crisis, financial spread betting, global recession, oil prices, spread betting oil prices, spread betting strategy, strategy oil prices | |
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