Oil Falls Sharply on Global Economic Worries
Source: Associated Press (9/22/11)
"Oil has dropped 29% since April, and the Fed gave little comfort following its two-day meeting this week."
Oil prices tumbled 5% Thursday after some of the world's top financial officials gave a gloomy reading on the international economy. Oil, a bellwether that tracks the market's mood, has dropped 29% since April as high unemployment, weak consumer confidence and expensive gasoline slowed down global growth.
Investors were hoping that the Federal Reserve would come up with a strategy this year to give the economy a boost. But the Fed gave little comfort following its two-day meeting this week. . .View Full Article