Oil Retreats as OECD Stocks Rise, Concerns Mount About Economy

摘要

The oil markets have taken a major hit inthe past week, with Atlantic Basin bench-marks collapsing by roughly 8% in just a fewsessions on a whole host of issues, mostly re-lated to the global economy. The deepeningcrisis in Europe, particularly Greece, hasrocked investors, prompting more worriesabout a double-dip recession. In the US, theeconomy has stalled out as governmentstimulus money has dried up and unem-ployment remains stubbornly high. Mean-while, China is still dealing with runaway in-flation, making it increasingly likely thatmonetary tightening could ultimately slowdown demand for oil (OD Jun.16’11).