Oil price dips from its 27 month peak after sell-off

first_img Show Comments ▼ Oil price dips from its 27 month peak after sell-off Share OIL prices fell from a 27-month high yesterday as the commodities sector saw a sharp sell-off.Traders said the abrupt selling across energy, metal and agricultural markets reflected a correction to the rally that had capped 2010, rather than a sudden reversal of the optimism that made commodities the top asset class last year. Trading volume recovered to its highest level since mid-December.Additional pressure came from a rebound in the dollar, after news of an improving US economic outlook.In London, ICE Brent crude for February delivery fell $1.93 to $92.91 a barrel, well off an early $95.74 peak.US crude oil for February delivery slid from an intraday peak of $92.07 a barrel to as low as $88.72 – the biggest one-day fall since November. Traders will be turning today to an update on US oil and fuel inventory levels from the US Department of Energy. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition More From Our Partners Fans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comcenter_img whatsapp Tuesday 4 January 2011 7:23 pm KCS-content whatsapp Tags: NULLlast_img read more