Crude Sees Wild Action In Continued Free Fall
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Commodities had a whipsaw trading day today, but perhaps none was more volatile than crude oil. Crude for June delivery closed 2% lower today $68.01 on the NYMEX, after falling as as low as $64.24 intra-day. The day's range was $71.29-$64.24.
Crude is down from $87 since May 3rd, a drop of 22%, on credit concerns in Europe and fears of its impact on the world wide economic recovery.
July crude was also weak, but closed above the key $70 level.
Crude is often viewed as a double-edged sword. Rising crude signals that economies are in recovery, while placing a strain on consumers wallets. Falling crude frees consumers to spend on other things, but could signal that economies are in decline.
Related ETFs:
United States Oil (NYSE: USO)
Energy Select Sector SPDR (NYSE: XLE)
ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO)
Crude is down from $87 since May 3rd, a drop of 22%, on credit concerns in Europe and fears of its impact on the world wide economic recovery.
July crude was also weak, but closed above the key $70 level.
Crude is often viewed as a double-edged sword. Rising crude signals that economies are in recovery, while placing a strain on consumers wallets. Falling crude frees consumers to spend on other things, but could signal that economies are in decline.
Related ETFs:
United States Oil (NYSE: USO)
Energy Select Sector SPDR (NYSE: XLE)
ProShares Ultra DJ-UBS Crude Oil (NYSE: UCO)
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