"The Dow Jones Industrial Average was down more than 500 points in midday trading Friday, falling
below 16,000, as oil prices sank below $30 a barrel.
"Oil is the root cause of today," said Dan Farley, regional investment strategist at the Private Client Reserve at U.S. Bank. "People are uncertain, and when they're uncertain they're scared."
The price of crude oil fell to its lowest level since 2003. Benchmark U.S. crude fell $1.62, or 5.2 percent, to $29.58 a barrel in New York. Brent crude, a benchmark for international oils, fell $1.43, or 4.6 percent, to $29.45 a barrel in London.
The steep slump in crude from over $100 a barrel in the summer of 2014 has erased energy company profits and made it much harder for them to pay off their debts." FOX
"Oil is the root cause of today," said Dan Farley, regional investment strategist at the Private Client Reserve at U.S. Bank. "People are uncertain, and when they're uncertain they're scared."
The price of crude oil fell to its lowest level since 2003. Benchmark U.S. crude fell $1.62, or 5.2 percent, to $29.58 a barrel in New York. Brent crude, a benchmark for international oils, fell $1.43, or 4.6 percent, to $29.45 a barrel in London.
The steep slump in crude from over $100 a barrel in the summer of 2014 has erased energy company profits and made it much harder for them to pay off their debts." FOX
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