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BUSINESS: Oil Prices Rise as Stocks Plummet

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posted on Aug, 5 2004 @ 06:09 PM
The Dow Jones has plummetted more than 110 points. While the Dow plummets oil prices are skyrocketing to more than $44.00 for a barrel of light crude oil. According to Joseph Battipaglia, chief investment officer at Ryan Beck & Co, the rise in oil prices and the recent terror alerts have put an enormous amount of pressure on the market.
(CBS/AP) Another surge in oil prices sent stocks plummeting Thursday, with the Dow Jones industrial average shedding more than 110 points despite positive news on unemployment. A disappointing retail sales report also pressured stocks.

Please visit the link provided for the complete story.

These situations are causing major uncertainty, which investors don't like. Tax problems by Russian's oil giant Yuko's tax problems are causing the rise in oil prices.

Inflation could occur due to higher oil cost, oil retailers will pass their shipping costs down to the customers, causing Americans to pay more for gasoline.

Related News Links:

[edit on 5-8-2004 by Banshee]

posted on Aug, 6 2004 @ 02:58 AM
I love it. My stocks went up 25% in just one week

posted on Aug, 6 2004 @ 03:17 AM
While your (shoo) specific investments have done well, I think that DRG is referencing to the markets as a whole, as well as the overall energy sector influences.

In short,..

Oil is most definetly going up,
Stocks (markets in general) have been floundering in a general trading range for some time,
and the Fed has been generally very loose, and slowly tightening.

With interest rates on the rise, one has to wonder the overall effects on the economy in the forseeable future, and how it will translate to the 'whole picture'.

While the whole picture does have a (somewhat) positive influence to it, there is an element of potential 'destabalization' that may be obvious in the event of some external 'influence'.

posted on Aug, 6 2004 @ 07:29 AM

I know, I know, it's from Aljazeera's English website, but a good article non the less. It gives you good insite into the oil market and global demand for oil.

posted on Aug, 6 2004 @ 08:14 AM
US Net Imports of Crude averaged 8.1 million bpd in 1997, 9.1 in 2002 and 9.6 in 2003.

US production averaged 6.4 million bpd in 1997, and was constant at 5.8 in 2002 and in 2003.

The U.S. imported a record 11.3 million barrels of crude oil a day in the week ended July 23, and yet according to the DOE the US production for that week was still as high as 5.4 million bpd.

In July 2003 the average was 9.75 Million bpd

Nobody seems interested to know the reason for this UNPRECEDENTED rise of almost 1.5 billion bpd ... (statistics explain it as "refineries processing more oil", role of the strategic petroleum reserve was insignificant, at 0.057 million bpd a day).

The conclusion is obvious : the DOE is hiding the dramatic decrease in the US production taking place NOW - as it was explained long ago here

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