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Stocks fall sharply on surge in oil, jobs data - Yahoo! News by Mike the Usurper at 6:10 pm EDT, Jun 6, 2008 |
Crude oil has seen a huge rebound this week after falling amid a drop in demand for gasoline. The jump continued Friday; light, sweet crude set a high of $139.12 in after-hours trading on the New York Mercantile Exchange after settling at $138.54, a gain of $10.75 in the regular session. The surge followed a Morgan Stanley analyst's prediction that crude would reach $150 a barrel by July 4; a decline in the dollar and fresh tensions in the Middle East added to crude's advance.
Think it'll really take that long? Pool time! My prediction for breaking $150 is... June 23rd. Enter now! |
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