Friday, December 5, 2008

Commodity Washout Continues; Oil Nears $40

From MarketBeat:
The broadening expectations for deflation is underpinning more big losses in commodity markets, where crude oil is in line for its lowest close in four years and sharp declines are being witnessed across all kinds of traded commodities, including the metals, grains and energy.

Crude oil was lately down $2.12 a barrel to $41.55 as expectations for demand dry up and this market continues to react to sluggish equity-market activity, which it has been notably correlated with in the last few months. In tandem, other commodities have been hit....MORE