Oil Drops to $75 on Plunging U.S. Consumer Confidence

Filed under: Commodities, Oil

The oil market's bears regained control Tuesday, but as they say in the oil trading pits, 'for now,' or 'stay tuned.'



Oil plunged $2.54 to $75.54 per barrel Tuesday afternoon, as the threat from Tropical Storm Alex to the Gulf of Mexico's energy infrastructure waned and after U.S. consumer confidence plunged on the job market's woes, Reuters reported Tuesday.



Today's data points support the oil bears argument that the economic recovery is underway but may slow, limiting oil demand growth, and when combined with ample supplies, will lead to a lower oil price, moving forward.

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Oil Drops to $75 on Plunging U.S. Consumer Confidence originally appeared on BloggingStocks on Tue, 29 Jun 2010 17:30:00 EST. Please see our terms for use of feeds.

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Gulf of Mexico - Tropical Storm Alex - United States - BloggingStocks - Energy

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