Excerpt from: GFT Analysts in the News
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| May 19, 2009 | | Oil futures drop on economic data | Earlier today, oil prices were on the rise, topping $60 a barrel on optimism about economic recovery and global equities. Also helping was news of a fire at an oil refinery in Nigeria. However, things have changed slightly, with the opening of the U.S. stock market.
The U.S. stock market opened slightly lower today (although it is gaining now) on the news that housing start data was somewhat disappointing. This news also put a damper on oil futures, which were gathering to rally. With the speed of the economic recovery in doubt, it is no surprise that oil prices are falling back in commodities trading.
However, with U.S. stocks rising again, and with optimism still the prevading attitude about the economy, oil prices look to be recovering from their brief losses. Oil futures are heading back toward $60 a barrel, and if the U.S. stock market manages to turn this morning's flat open into a rally, oil futures could see more success.
| Topic Tags: commodities, commodities trading, economic recovery, futures trading, oil futures, oil prices, spread bets oil, spread betting commodities, U.S. stock market | |
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