Monday, August 11, 2008
Oil Down in a Shooting War
Oil is selling off in the middle of a shooting war near an important pipeline. This, despite the worst weekly selloff in YEARS.
This just ain't a good sign.
U.S. Oil inventories are 50 MM barrels below last years levels (all commercial products).
So, maybe this has nothing to to with the U.S. Maybe, just maybe, that other big consumer of Oil, China, is also heading into recession.
Wouldn't that be fun?
Mentatt (at) yahoo (d0t) com
Posted by The Short Story Man at 9:03 AM