Good news for Bulls:Oil Prices Fall Below $60/Barrel
Sunday September 24, 10:45 pm ET
Oil Prices Fall Below $60 a Barrel As Traders Respond to High Inventories by Selling
SINGAPORE (AP) -- Oil prices dropped below $60 a barrel Monday as commodity investors responded to high inventories and a lack of geopolitical tensions to sell, analysts said.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said hedge funds and investors were reacting to a lack of bullish news but noted that $60 is still a very strong price and said the market was still vulnerable to price spikes.
Oil Prices Fall Below $60 a Barrel As Traders Respond to High Inventories by Selling
SINGAPORE (AP) -- Oil prices dropped below $60 a barrel Monday as commodity investors responded to high inventories and a lack of geopolitical tensions to sell, analysts said.
Victor Shum, an energy analyst with Purvin & Gertz in Singapore, said hedge funds and investors were reacting to a lack of bullish news but noted that $60 is still a very strong price and said the market was still vulnerable to price spikes.
posted by Blue @ 11:04 PM
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