Oil just dropped to 73.85 (August contract). When I commented this weekend on how preposterous it was to think oil shipments would be cut off because of this very localized war, I had no idea the markets would sell-off this fast, but they did. The September contract hit 79.40 and it was all over for oil bulls. This is bad for energy stocks but good for the consumer going forward.
This entry was posted
on Tuesday, August 01, 2006 at 6:16 AM.
