Oil Lower as Tropical Storm Isaac Takes Back Seat to Other Concerns (USO) (OIL)
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Tropical storm Isaac veered west over the weekend and is now expected to make landfall between Florida and Louisiana as a category 1 or 2 hurricane. Traders anticipating that the storm would create a spike in oil futures are disappointed, as crude oil trades lower on the day.
iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL) and United States Oil ETF (NYSE: USO) are trading lower by nearly to 1.5 percent, and WTI fell to $95 per barrel.
The storm's arrival is taking a back seat to slowing global growth and fears that investors have overestimated central bankers' willingness or ability to fuel growth through stimulus efforts in the U.S. and abroad.
There is also talk that governments are considering a release from the Strategic Oil Reserve, possibly in a coordinated effort.
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iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL) and United States Oil ETF (NYSE: USO) are trading lower by nearly to 1.5 percent, and WTI fell to $95 per barrel.
The storm's arrival is taking a back seat to slowing global growth and fears that investors have overestimated central bankers' willingness or ability to fuel growth through stimulus efforts in the U.S. and abroad.
There is also talk that governments are considering a release from the Strategic Oil Reserve, possibly in a coordinated effort.
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