
New economic data and warnings on a global front sent a message to markets that the economic recovery was likely to be slow. This signaled oil speculators to assume that demand for oil would not pick up as quickly as some had previously anticipated. This factor, along with more weakness in the dollar, helped lead the dip in oil.
Wall Street analysts follow oil prices like hawks. In the early part of 2008, oil prices skyrocketed from near $75 to almost $140 within just a few short months. This was more than a 100 percent increase in oil costs in 1 or 2 months. All around the world, countries began to feel huge pressures on their balance of payment accounts. Many hedge fund chiefs heavily speculated on the rise in oil price . NYME is where most of the crude oil futures are traded. By monitoring the movement of t...








