Wednesday, July 29, 2009

Decline Oil Price Accelerates As Recent Rally Looks Overdone

Currently trading at 65.7, decline in crude oil price accelerates in European morning, consistent with sharp falls in stock markets. Investors take profit after prices had rallied for almost 2 weeks and recent rises look excessive. In Asia, the MSCI Asia Pacific Index slid -1.1% although Japan's Nikkei 225 Index added +0.26% to 10113. In China the Shanghai Composite Index tumbled -5% as led by plunges in oil and base material shares. In European morning, stocks seem to be unaffected by slumps in US and Asia. US' FTSE 100 Index gains almost +1% while Germany's DAX and France's CAC 40 adds +1.9% and +1.8%, respectively.....Complete Story

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