Oil Prices Tumble
WTI crude prices raced lower, toward $80. That is down from above $108 just four months ago. China’s manufacturing data and an admission by the Federal Reserve of an economic slowdown in the United States, combined with the expanding recession…
WTI crude prices raced lower, toward $80. That is down from above $108 just four months ago. China’s manufacturing data and an admission by the Federal Reserve of an economic slowdown in the United States, combined with the expanding recession in Europe, contributed to the belief that demand for crude is faltering. New data on the size of stockpiles also hurt oil prices. MarketWatch reports:
A report from the Energy Information Administration showed crude supplies rose by 2.9 million barrels in the week ended June 15. That contrasted with expectations of a decline of 600,000 barrels for the week, according to analysts polled by Platts.
Economists continue to debate whether the sharp drop in energy prices will cushion the effects of a recession.
Douglas A. McIntyre
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
