Crude Oil Futures Down on Economic and OPEC News
Crude oil futures are continuing their roller coaster ride this morning as futures traded below $90 a barrel in the first time in over a month. Analysts blamed several factors over the more downward including a slowdown in the U.S. economy. Others blamed traders that bid up futures over an over-exuberance over the Chinese economy. “It’s not a bubble over there but there are some signors of a pinhole in the bubble,” remarked another.
In addition to the concerns over the U.S. and Chinese economic outlook is the December OPEC meeting in which most traders are expecting OPEC to authorize an increase in per day production.
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