Crude Oil Pulls Back From Record on Profit-Taking
http://ap.tbo.com/ap/breaking/MGBU8F5O6CE.html
NEW YORK (Dow Jones/AP) - Oil prices fell sharply Tuesday after
climbing to a new high, but failed to sustain the gains amid profit-taking.
September crude futures fell 87 cents to $63.07 a barrel after setting
a record high of $64.27 a barrel.
The pullback was triggered by easing worries about U.S. refinery output
and the government release of a more pessimistic world oil demand outlook.
"It gave reaffirmation to the early decline and pressed the market lower,"
said James Steel, an analyst at brokerage Refco in New York.
"It does crystallize the ill-defined feeling that the high prices are
beginning to impact."
"We had the big runup on the refinery problems,
and now we have some coming back up, but I
think gasoline is just taking a breather," said Tom Bentz,
a broker and analyst at BNP Paribas Futures in New York.
"Nothing has changed structurally in the market."
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"It does crystallize the ill-defined feeling that
the high prices are beginning to impact."
Translation:
"I just switched my car insurance to Geico."
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