Friday, April 9, 2010

Oil prices plummet after jobless claims

This article states that the price of crude oil has been decreasing since unemployment claims in Europe are unstable, thus showing little improvement in the economy. On the other hand, oil companies have had increased inventories than what they need, therefore, this is another reason for lowered prices. While the US dollar has been getting stronger and the oil is backed by our green, therefore, oil is getting expensive for foreigners. All this leads to a lower price for oil.
Overall message from this article, the economy is still not recovering to go back to "normal" prices.

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