Oil prices briefly passed $69 per barrel Tuesday in a weeklong rally that appears short on fundamentals, yet exceedingly full of momentum.
Average retail gasoline prices continued to march upward: A gallon now costs about 46 cents more than it did a month ago.
After peaking at $69.05 Tuesday afternoon, a price not seen since early November, [...]
Archive for June, 2009
A barrel of oil crosses $69 for the first time this year; gasoline prices rise
June 2nd, 2009 by Financial Writer
Tags: Global Recession, London Financial, Petrochemical
more...GM bankruptcy: End of an era
June 1st, 2009 by Financial Writer
After years of losses, the troubled automaker is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs.
General Motors filed for bankruptcy protection early Monday, a move once viewed as unthinkable that became inevitable after years of losses and market share declines capped by a dramatic plunge in [...]
Tags: Global Recession, USA, World Financial
Dollar falls to 2009 low
June 1st, 2009 by Financial Writer
Risk appetite improves on U.S. stock gains, upbeat data from China and Europe.
The dollar fell to its lowest levels so far this year against both a basket of currencies and the euro Monday, as optimism that the global economy is on the road to recovery boosted riskier assets.
Commodity-related currencies including the Australian and New Zealand [...]
Tags: China, Dollar Falls, Europe, Global Economy, USA