[saham] Oil closes below $66 on slowdown fears

[dunia ini indah]

Oil closes below $66 on slowdown fears

Crude futures whipsaw Thursday - retreating off earlier highs of $70 a barrel - 
as fears of a global slowdown trump a weaker dollar.


NEW YORK (CNNMoney.com) -- Oil prices fell Thursday as the global economic 
slowdown accelerated fears that demand for energy will continue to slide. 

Crude settled $1.54 lower to $65.96 a barrel on the New York Mercantile 
Exchange. 

The retreat in oil prices follows a morning rally when crude futures passed $70 
a barrel. Oil prices were boosted in morning trade by the declining value of 
thedollar in the wake of the Federal Reserve's move to cut interest rates by 
0.5%, reducing the key lending rate to 1%

"There is so much demand destruction with the credit crisis and the slowdown," 
said James Cordier, portfolio manager of OptionSellers.com. "And while the 
stock market might be in a hurry to predict when the economy will pick back up, 
commodities are different than that because they actually need physical demand 
to recover."

"Commodities are simply - what is demand today, what is supply tomorrow," said 
Cordier. "If we are going into an economic slowdown that can last for 6 to 12 
months, oil prices can fall for 6 months or 12 months.{"

As crude oil futures have plummeted, retail gas prices have also declined. 
Prices at the pump fell for the 43 consecutive days on Thursday, providing some 
relief for consumers strapped during the economic downturn.

In addition, a recent U.S. Department of Energy report showed that Americans 
are driving 5.6% less than last year. 

"That speaks volumes that gas prices fell 30-40% but demand is still down," 
said Cordier. "That gives a really good idea to the state of the consumer right 
now." 



      


------------------------------------

Kunjungi situs http://www.info-saham.com untuk informasi seputar saham.

DILARANG KERAS MEMOSTING OPINI PRIBADI TENTANG POLITIK DI MILIS INI.
Silahkan lakukan itu di milis [EMAIL PROTECTED]

[EMAIL PROTECTED] untuk berhenti dari milis saham
[EMAIL PROTECTED] untuk bergabung ke milis saham
Yahoo! Groups Links

<*> To visit your group on the web, go to:
    http://groups.yahoo.com/group/saham/

<*> Your email settings:
    Individual Email | Traditional

<*> To change settings online go to:
    http://groups.yahoo.com/group/saham/join
    (Yahoo! ID required)

<*> To change settings via email:
    [EMAIL PROTECTED] 
    [EMAIL PROTECTED]

<*> To unsubscribe from this group, send an email to:
    [EMAIL PROTECTED]

<*> Your use of Yahoo! Groups is subject to:
    http://docs.yahoo.com/info/terms/