Crude Makes A Record High–Here’s Why
Greenspan and Snow told members of the Senate Finance Committee
that imposing trade tariffs on China would be misguided and may put the future
of the U.S. economy “at risk.” At issue is the value of the yuan, or renminbi,
which is pegged at 8.3 to the dollar. Some say this gives China an unfair
advantage. Both Greenspan and Snow said that any attempt to use sanctions to
persuade China to revalue its currency would be detrimental to the U.S. economy.
The market dropped beginning at 1:30 ET as oil hit $60 for the first time ever.
Crude rallied in part because natural gas inventories were 75
billion cubic and 11% from a year ago. Crude oil traders are also watching
watching the Unocal deal
Shell’s CEO said that over the next 10 years the company plans
to increase production by 30%
Short sellers sent copper down 3%
Cocoa gained $10 on an end-of-session technical move.
Brice Wightman
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