Petroleum Plunges As Stocks Collapse

By | February 5, 2018

Petroleum futures plunged Monday in addition to global stocks as the United States dollar rallied on expectations of rate of interest walkings.

Friday’s strong tasks report for January will likely force the Federal Reserve to raise interest rates a minimum of three times in 2018.

With markets throwing a tantrum, WTI light sweet crude oil was down $1.42 to $64.03 a barrrel.

Data showing another boost in the United States rig count as weighed on rates.

Baker Hughes on Friday reported that the number of active U.S. rigs drilling for oil climbed by 6 at 765 recently.

In economic news today, the United States ISM services index hit its highest level because mid-2005, a sign of additional strength in the country’s economy.

Financial activity in the non-manufacturing sector grew in January for the 96th successive month, according to a survey of acquiring supervisors.

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