Crude Plunges
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Oil is in free fall Thursday and is closing in on the psychologically important $100 per barrel level, something unthinkable a few short days ago.
Light sweet crude last traded down $7.30 to $101.94. The day's range has been $101.08-$109.38.
The sell-off in crude is being attributed to the "risk off" trade as witnessed by the nearly 30% sell-off in silver over the past week. In addition, initial jobless claims number soared higher last week, which could lead to further demand destruction.
Light sweet crude last traded down $7.30 to $101.94. The day's range has been $101.08-$109.38.
The sell-off in crude is being attributed to the "risk off" trade as witnessed by the nearly 30% sell-off in silver over the past week. In addition, initial jobless claims number soared higher last week, which could lead to further demand destruction.
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