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Oil Jumps, Stocks Slide, Dollar Succumbs

Posted on June 26, 2008

When oil jumps, you can expect the US stock markets to react badly and the US dollar to succumb to shorting pressure from traders. At one point on Thursday, crude oil futures leaped more than $4 to above $138 a barrel after a slight retreat yesterday. US data released today didn t give any strong indication of which way the US economy is going to head towards, and in any case, inflation numbers remained higher than what the Fed would like to see. US gross domestic product gained 1%, at an annual rate in the first quarter, the Commerce Department said Thursday in its third and final estimate,...

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