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Selasa, 09 Agustus 2011

Oil drops 6%, ends below $82 after S&P move Investors flee crude, energy markets after U.S. credit-rating cut - MarketWatch

SAN FRANCISCO (MarketWatch) — Crude-oil futures settled Monday at their lowest level since November as the Standard & Poor’s downgrade of U.S. credit reinforced worries about the economic outlook and demand for oil.

Crude for September delivery CL1U -6.68% dropped $5.57, or 6.4%, to end at $81.31 a barrel on the New York Mercantile Exchange. That was the lowest settlement for a front-month oil contract since Nov. 23. Intraday, September oil fell as low as $80.17 and traded as high as $85.73 a barrel, according to the Nymex.

The steep closing loss, the largest one-day dollar and percentage drop since May, came on the heels of a 9.2% decline last week, including a pullback of nearly 6% on Thursday. Oil has lost 15% so far this month.

Investors had ignored indications that oil’s underlying fundamentals “have been weak for months,” said Tim Evans, an analyst with Citigroup‘s Citi Futures Perspective.

Demand is soft, and supplies — despite a lack of exports from strife-torn Libya — are higher than a year ago, he added.

“We became overvalued,” Evans said.

S&P late Friday took the unprecedented step of downgrading U.S. credit by one notch, to an AA+ rating, and assigned it a negative outlook.

Investors sought a safe haven in gold futures, which rallied above $1,700 an ounce to settle at a record high. Wall Street suffered through another session of heavy selling, after Asian and European stocks got clobbered to start the trading week. Read more on gold futures. Read More

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