Oil Down on Bank Rescue Plan

Sunday, October 11, 2009

Crude Oil NYMEX futures dropped to a 3 week low on skepticism about the U.S. government’s bank rescue plan.

Oil dropped as much as 5.6% after Treasury Secretary Timothy Geithner said he is exploring a range of different structures to bail out lenders.

Later today, a U.S. government report will probably show that crude oil stockpiles increased 2.75 mln barrels last week, according to the median of 14 analyst forecasts in a Bloomberg News survey.

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