Oil has weathered much of the turmoil in financial markets over the past month thanks to supportive fundamentals, such as diminished North Sea production and healthy Chinese demand. After falling below $100 in August, Brent has traded in a band of around $105 to $115 a barrel for the past month.
On Monday it appeared to be succumbing to broader macro-economic fears, causing a renewed spike in options. Technical selling as Brent crude crashed below the 200-day moving average likely spurred selling too.
“Markets are under pressure as the European finance ministers failed to come up with anything solid this weekend. There are some strong worries that Greece is not doing what’s needed to get another round of aid,” said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
Trading volume was anemic at more than a quarter below the one-month average as investors kept their powder dry ahead of a host of major events this week, including the U.S. Federal Reserve’s likely measure later this week to temper long-term interest rates, the International Monetary Fund’s gathering of major financial ministers and a slew of U.S. housing data.
- Oil slumps for second day as euro fears dominate, Reuters, September 19, 2011.
2. Ivan Gazidis says Arsenal “kept their powder dry” in the transfer window to secure the signings they wanted at the right price.
The Club did plenty of business throughout the summer but went into overdrive in the final days of August, bringing in Ju Young Park, Andre Santos, Per Mertesacker, Yossi Benayoun and Mikel Arteta just before the deadline.
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