Crude Steadies After Largest One Day Fall In 17 Years
Crude is steady in early trade Tuesday after a sharp decline Monday as US lawmakers rejected the proposed $700 billion rescue plan of the world financial markets.
Yesterday, oil fell $10.52, or 9.8 percent, to $96.37 a barrel, the biggest slide in percentage terms since Nov. 15, 2001, and the largest dollar decline since Jan. 17, 1991, when U.S.-led forces expelled Iraq from Kuwait.
At 7.50am BST November crude was $96.12/barrel.
Speculators are being forced out of commodities, and particularly the most fluid and speculative of them all crude, because of the margin requirements. With no credit, people have to hoard cash.
Additionally a US and global economic meltdown will continue to see demand for crude falling.
Yesterday, oil fell $10.52, or 9.8 percent, to $96.37 a barrel, the biggest slide in percentage terms since Nov. 15, 2001, and the largest dollar decline since Jan. 17, 1991, when U.S.-led forces expelled Iraq from Kuwait.
At 7.50am BST November crude was $96.12/barrel.
Speculators are being forced out of commodities, and particularly the most fluid and speculative of them all crude, because of the margin requirements. With no credit, people have to hoard cash.
Additionally a US and global economic meltdown will continue to see demand for crude falling.
