10-Jul-2009 6:40 PM
Oil prices slump 17% in a week on ‘browning shoots’
Analysis
What a difference a week makes! Oil prices have slumped 17% on the back of rising US crude inventories and collapsing support for the so-called 'green shoots' theory of economic recovery. Speculators are apparently no longer seeing the vision of growth and oil's slump is probably a better indicator of sentiment about the global economic outlook than equities markets.
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