Oil Drops $2 after Fed Announcement
Apr 30th, 2008 | By Contrarian Profits | Category: Featured, Financial NewsCrude oil prices tumbled today following the announcement by the Federal Reserve on interest rates.
Earlier today the Federal Reserve said it would lower interest rates by a quarter percentage point.
CNN reports: “US light crude for June delivery fell $2.17 cents to settle at $113.46 a barrel on the New York Mercantile Exchange. Just before the central bank’s announcement, oil was 93 cents lower at $114.70 a barrel.
The Fed rate cut is expected to the last for a the moment after the Fed suggested it will watch inflation.
“This seems a good time to mention that you should be selling your house and buying gold with all your money,” says the Mogambo Guru, “and if the kids have to miss a few meals or if they have to sleep in the car because I cannot afford an apartment big enough for all of us but it is perfectly cozy enough for me, that is the price you are willing to pay.”
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