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Stock Ideas Investors Daily Edge Oil Prices Fall on Housing and Job Numbers
Stock Ideas Investors Daily Edge Oil Prices Fall on Housing and Job Numbers 
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By Rick Pendergraft The calendar is very full this week, with numerous reports that will have an impact on this skittish market. Every day except Wednesday has a report due out that has clout. |
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| Oil Prices Fall on Housing and Job Numbers |
| Friday, 30 January 2009 | ||||||||
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Oil prices dropped below $41 Thursday as layoffs expand and the U.S. homebuilding industry posted its lowest annual sales in more than two decades. The U.S. is experiencing record unemployment. Businesses have slashed millions of jobs across all sectors since last year. The total number of unemployment recipients is the highest since August 1983, as a percentage of the work force. Over 4.7 million Americans filed for unemployment for the week ending Jan. 17th. Also, the homebuilding industry has seen sales of new homes drop by 14.7% in December. This is the worst annual sales results in over 20 years. Home sales and prices have crashed. Home Builders have drastically cut production throughout this lingering and relentless slump in housing. Energy use is down due to people driving less miles, manufacturers cutting energy use and people flying less. And, energy demand is falling all over the world. A deepening recession has reduced oil demand by consumers and businesses to nearly five year lows. Not to mention, OPEC’s pledges of production cuts have failed to stabilize oil prices. According to the Energy Information Administration, oil storage tanks in the U.S. are filled to the rim, storing over 338 million barrels of crude oil. Many fundamental and technical indicators are pointing to oil prices heading lower in the near term. Best Wishes, Ted Peroulakis Make your voice heard -- to let us know your thoughts on this article, you can click here and leave your comments for the IDE community as well as the editors.
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