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Oil tumbles 2.5%, $79.00 threatened

By FXstreet.com,  August 10, 2010, 09:59:00 AM EDT

FXstreet.com (Barcelona) - Crude Oil for September delivery took a major step back on Tuesday, after it gave up the psychological $80.00 / bbl on global declining demand woes. The pessimism to bid any higher set in as investors witnessed an alarming drop in China's crude imports last July, hinting the world's second energy consumer may be slowing down its spending towards Crude as growth predictions shrink.

A vigorous greenback, favoured by investors squaring up USD short covering ahead of the FOMC, helped to exasperate fears, as foreign investors commenced to withdraw longs, spooked by the cost increase into USD denominated Oil contracts . At present, a waning Oil plummeted further, as $79.00 is approached. Current price stays at $79.39, approximately a 2.5% drop compared to its previous close.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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