Oil Slips, Yet Again
- It has been a narrow range; $70 to $75 a barrel, in which oil prices have moved all of August. Much of this movement has been governed by news from the US economy. With most indicators being made public weekly, there is a period of anticipation a couple of days before the announcement is made. If analysts and economists are predicting that the data released that Friday will be better than that of the previous week, oil prices start climbing. Following an unexpected poorer result, oil prices again drop. Oil prices have seen a support at about the $70 a barrel range, and though volatile, prices have not dropped sharply. The current drop is on account of a sharp fall in the Chinese stock markets, and doubts being expressed on how soon the US economy can show a return to growth.
