NYMEX crude extends loss with 1.83 drop

摘要

New York-September crude futures on the New York Mercantile Exchange extended this week's decline August 17, settling 1.83/barrel lower at 70.06/barrel.An exceptionally weak chart picture, signs the US economy may be slowing after 17 consecutive rate hikes by the Federal Reserve Bank in the past two years, and speculators holding onto long positions despite a 7.50/barrel downturn in prices in the past seven trading sessions, left the market vulnerable to a steep selloff.