According Bloomberg crude oil was trading at around $102 a barrel as the dollar weakened against the Euro which of course prompted investors to buy into commodities.
In general, when the economy weakens investors like to trade in metals and energy commodities as inflation increases. Yesterday the dollar fell as low as 1.52 Euros which was the lowest since the currency first entered the money supply in 1999. The market is currently just unpredictable, nobody seems to know what is going to happen next.
Tuesday, March 4, 2008
Oil traded at $102
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