Last Oil Report
Well this will be my last oil report, as I think everyone has finally seen what was really happening. I will put up a few items from yesterday that pretty much proves my case once and for all. Please read on. By ADAM SCHRECK, AP Business Writer Tue Jul 22, 5:03 PM ET NEW YORK - Oil prices tumbled more than $3 a barrel Tuesday as Tropical Storm Dolly grew increasingly unlikely to threaten supply, giving traders one less reason to buy as a strengthening dollar helped keep prices in check..... The drop offered further evidence that investors who only a week and a half ago drove prices to a new high above $147 a barrel are now quickly pulling money out of the market. It was also a reminder that, with traders for the moment turning bearish, the absence of major news can push the market down — just as incremental supply concerns previously drove prices sharply higher. "This is more of the long exit from the market by the hedge funds," said Jim Ritterbusch, president of energy consu...