FMX Connect- WWW.FMXConnect.com  (Aug 9, 2011)

 Oil Field

NYMEX Crude oil futures for August dropped $.83 on the day, trading $80.47 as of 4:30PM. Oil continued yesterday’s selloff in overnight trading and fell to a new low of $75.71 in morning trading. Oil then rebounded to a high of $83.05 in afternoon trading as Investors were optimistic that Bernanke’s speech would rally the market. After Bernanke’s speech oil sold off to $78 and came back above $80 in the late afternoon.

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Wall Street Journal (Aug 9, 2011). OIL FUTURES: Crude Ends Lower As Fed Fails To Calm Fears

“Oil and other commodities fluctuated widely along with the stock market for a second straight session, but turned negative as the central bank failed to halt growing pessimism about policy makers' ability to support the flagging economy. The Fed signaled it plans to keep the benchmark short-term interest rates near zero for at least another two years, while also sharply lowering its view of the U.S. economy. But without any concrete moves to help drive growth, traders continued to retreat.” To read the full article, Click Here

 

Marketwatch (Aug 9, 2011). Oil settles at lowest since September

“Oil futures settled 2.5% lower and under $80 a barrel on Tuesday, as investors remained concerned about the prospects for the world economy and an equities selloff added to such worries. Oil for September delivery declined $2.01 to finish at $79.30 a barrel on the New York Mercantile Exchange, oil's lowest settlement since late September. To read the full article, Click Here

 

CNBC (Aug 9, 2011). Oil Slides After Fed Low Rate Pledge Disappoints

“Oil fell back on Tuesday in volatile trading, deepening a steep week-long slemp after the Federal Reserve's promise to extend near-zero interest rates fell short of hopes for greater action to revive the economy.” To read the full article, Click Here

 

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