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Crude Settles Below $67 A Barrel; Dollar Hits Two-Year High Vs. Euro (WE'RE DOOOMED)
INVESTORS BUSINESS DAILY ^ | 10/22/2008 | REUTERS

Posted on 10/23/2008 10:59:28 AM PDT by expat_panama

Commodities slumped for a second straight session Wednesday amid two-year highs in the dollar and a slowdown in China — the world's fastest-growing economy — which intensified fears of global recession.

Falling stock prices also weakened raw materials markets, which have taken their direction lately from equities despite commodities often being touted as an uncorrelated asset class.

"A lot of investors are beginning to use equities markets as a guide to decide how the economy will be doing, and it's all bearish at the moment," said Clarence Chu, a trader at Hudson Capital Energy in Singapore.

The price of copper, regarded as a barometer of economic health, fell more than 7% in New York and London, nearing three-year lows.

U.S. crude oil also slumped more than 7% to below $67 a barrel, fetching less than half of its record high price of $147.27 set on July 11. U.S. gold futures fell 4%, hitting a one-year bottom.

[snip]

(Excerpt) Read more at investors.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: dollar; economy; energy; oil
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Wait a second, a couple months ago this was supposed to be what we wanted...
1 posted on 10/23/2008 10:59:29 AM PDT by expat_panama
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To: expat_panama

Ever since we crested peak oil, the price has dropped.


2 posted on 10/23/2008 11:02:36 AM PDT by weegee (If we're gonna share wealth, those earning > $1 a month are going to have to share with the world.)
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To: expat_panama

This too shall pass..


3 posted on 10/23/2008 11:02:41 AM PDT by vietvet67
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To: expat_panama

We want $9 a barrel, 19 cent a gallon gas along with a 12 oz. Marvel Comics glass for every fill up over 12 gallons.


4 posted on 10/23/2008 11:02:45 AM PDT by A CA Guy ( God Bless America, God bless and keep safe our fighting men and women.)
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To: expat_panama

I hope that people are starting to wake up to what bastards the MSM is made up of. Now lower oil/gas prices and a stronger dollar are bad things?


5 posted on 10/23/2008 11:03:10 AM PDT by frankiep (Every socialist is a disguised dictator - Ludwig von Mises)
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To: expat_panama

Seems like deflation would be a good thing if not for it’s effect on the housing market(bubble)


6 posted on 10/23/2008 11:04:55 AM PDT by refermech
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To: expat_panama

BUSH’S FAULT ! (Am I first?)


7 posted on 10/23/2008 11:05:54 AM PDT by OB1kNOb ("I guarantee you itÂ’s (a testing of America) gonna happen." - "Plugs" Biden regarding Obama)
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To: expat_panama

So this means that the US economy and thus the dollar are STRONGER than they were a few months ago. Therefore the stock market “crash” is just a normal market correction.


8 posted on 10/23/2008 11:07:52 AM PDT by Blood of Tyrants (G-d is not a Republican. But Satan is definitely a Democrat. And so is Obama.)
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To: OB1kNOb

yeah
LOL


9 posted on 10/23/2008 11:07:54 AM PDT by FES0844 (FES0844)
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To: rabscuttle385; TigerLikesRooster; 1rudeboy; Toddsterpatriot; Mase; padre35

Somebody please explain why expensive oil and cheap dollars were bad before, and cheap oil and sought-after dollars are bad now.


10 posted on 10/23/2008 11:08:56 AM PDT by expat_panama
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To: expat_panama
Does this mean gold won't be going to $1,650 an ounce anytime soon?

T. Boone Pickens has been pretty quite of late too. I'm thinking he's trying to figure out some other use for all that land he was going for his wind farm.

11 posted on 10/23/2008 11:09:11 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: expat_panama
Somebody please explain why expensive oil and cheap dollars were bad before, and cheap oil and sought-after dollars are bad now.

Because a Republican is still in the White House?

12 posted on 10/23/2008 11:10:39 AM PDT by Mase (Save me from the people who would save me from myself!)
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To: expat_panama

we need to get the speculators out of the market /s


13 posted on 10/23/2008 11:11:35 AM PDT by PjhCPA (I Am Joe!!!)
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To: Mase
I'm thinking he's trying to figure out some other use for all that land he was going for his wind farm.

The only wind he appeared to be generating had a distinct odor to it...

14 posted on 10/23/2008 11:11:48 AM PDT by bcsco (Palin started her political career in a small town, Obama from the house of a domestic terrorist.)
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To: expat_panama

I’ve refrained from commenting on the fact that the U.S. dollar is trading at a 17-month high for the only reason it’s doing so is because our economy is less effed-up than the rest of the world’s.


15 posted on 10/23/2008 11:12:02 AM PDT by 1rudeboy
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To: A CA Guy

I want S&H Green Stamps..


16 posted on 10/23/2008 11:12:09 AM PDT by rahbert
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To: A CA Guy

And those slurpee cups with baseball players on them.


17 posted on 10/23/2008 11:12:37 AM PDT by El Sordo
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To: expat_panama

This is good news, especially for those who are planning to spend several weeks in the South of France this winter. Our money is stronger against the Euro than it has been in two years, meaning world markets have a lot more confidence in our economy than CNN does, and our gasoline is getting cheaper by the day. Why is this bad?


18 posted on 10/23/2008 11:12:57 AM PDT by 3AngelaD (They screwed up their own countries so bad they had to leave, and now they're here screwing up ours.)
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To: expat_panama

I’ve noticed that ever since Sarah said “drill baby drill” the price of oil has plummeted.


19 posted on 10/23/2008 11:13:11 AM PDT by tractorman
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To: expat_panama

Gold @ about $700... those who panic bought @ $1000 lost 30% in one month.


20 posted on 10/23/2008 11:20:38 AM PDT by AmericaUnited
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