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Oil plunge hints at end of commodities boom

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    Oil plunge hints at end of commodities boom

    The price of oil tumbled by nearly $10 a barrel today – dragging silver, gold, copper, lead and tin with it – as mounting concerns about the US economy fuelled speculation that the commodities boom may be ending.

    As traders questioned whether the £36bn flotation of commodity trading giant Glencore marked the top of the market, most of the world's key resources suffered another day of substantial declines.

    Brent crude fell by $9.99 to $111.24 a barrel – last week it was $126 –as investors fretted that a surge in US unemployment claims showed that the high oil price has damaged the economy and will lead to a decline in demand for energy.

    Oil inventories rose by 3.4m barrels last week, well above the expected 2m increase in part because Americans have cut down on their driving as petrol prices have risen to more than $4 a gallon.

    More: Oil plunge hints at end of commodities boom | Business | The Guardian

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    About time - £1.50 per liter of diesel!

    #2
    Gold has had another bad day at the office and silver too.

    Comment


      #3
      I can't wait for the respite we'll see at the pumps then!

      "Experience hath shewn, that even under the best forms of government those entrusted with power have, in time, and by slow operations, perverted it into tyranny. "


      Thomas Jefferson

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        #4
        Can't remember the last time I bothered looking at the price of anything before purchasing.
        Me, me, me...

        Comment


          #5
          But at least I made money on my Swiss Francs.
          "Condoms should come with a free pack of earplugs."

          Comment


            #6
            Originally posted by Ruprect View Post
            I can't wait for the respite we'll see at the pumps then!

            We got the 1p off tax at the last budget. I doubt we'll see any dramatic drops after that one.
            Feist - 1234. One camera, one take, no editing. Superb. How they did it
            Feist - I Feel It All
            Feist - The Bad In Each Other (Later With Jools Holland)

            Comment


              #7
              Originally posted by PAH View Post
              We got the 1p off tax at the last budget. I doubt we'll see any dramatic drops after that one.
              It may stop the continual price increases for a short while tho. From memory it takes 5-6 weeks for the market price to be fully reflected in the pump price.
              merely at clientco for the entertainment

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                #8
                I think 'they' are testing how much pain the public can stand, then they know the threshold they can safely raise taxes to without risk of any serious rioting.

                So far the usual whining but no mass demonstrations, expect another 10p on fuel before June...
                Feist - 1234. One camera, one take, no editing. Superb. How they did it
                Feist - I Feel It All
                Feist - The Bad In Each Other (Later With Jools Holland)

                Comment


                  #9
                  PRECIOUS-Silver bounces from 12 pct fall, gold up ahead of US jobs | Reuters
                  3rd UPDATE: Bank Of Mexico Buys 100 Tons Of Gold In February, March - WSJ.com
                  http://www.commodityonline.com/news/...38762-3-1.html

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                    #10
                    You timed your sell-off nicely, but does "" indicate you are buying now?

                    Comment

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