Oil Keeps Falling

Friday, October 9, 2009

Oil slipped below $54 a barrel Wednesday as stock markets across the globe fell and yet another U.S. government report illustrated the disarray in the housing market.

Light, sweet crude for December delivery fell 77 cents to settle at $53.62 a barrel on the New York Mercantile Exchange, about where prices were in January of 2007.

The dollar reversed course and traded up during the day, putting pressure on crude oil. Is this the time to test 50 dollars?

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