Oil Prices Mirror Investor Confidence Levels
http://news.yahoo.com/s/nm/20090901/bs_nm/us_markets_oil
Oil prices dropped to $68 a barrel yesterday on reports of growing investor concerns about the state of the economy. The drop in oil prices followed the sell off witnessed in the stock markets as investors put concerns with regard to consumer confidence ahead of positive data from the manufacturing, housing and automobile segments.
Oil prices have been see sawing over the past few months, moving up or down depending on the news coming from the US economy. The past few days have witnessed a continuous drop in oil prices from the high of $75 a barrel to the current $68 a barrel, first on account of weaknesses in the Chinese markets and then by the sell offs seen in the US markets.
