Crude Oil prices fell alongside the broader markets last week on the limited details released about a Treasury Department program to raise more than US$1T in public and private funds to free up credit markets. The Dow Jones industrials lost 400 pts after Treasury Secretary Timothy Geithner announced the rescue plan last Tuesday, and light, sweet crude for March delivery sank by US$2.01 bbl to settle at US$37.55bbl on the New York Mercantile Exchange. US President Barack Obama’s US$838B economic recovery plan, which was approved by the US Senate did little to reverse Crude Oil’s downturn. Phil Flynn, an analyst at Alaron Trading Corp., said investors appear concerned about the inflationary effects of massive government spending.
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February 20th, 2009 at 8:29 am
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Tom Humes
February 20th, 2009 at 9:00 am
[...] Jobs in Finance wrote an interesting post today onHere’s a quick excerptCrude Oil prices fell alongside the broader markets last week on the limited details released about a Treasury Department program to raise more than US$1T in public and private funds to free up credit markets. The Dow Jones industrials lost 400 pts after Treasury Secretary Timothy Geithner announced the rescue plan last Tuesday, and light, […] [...]