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Oil Continues to Drop

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  • Description

    Phillip Streible of RJO Futures explains why oil prices continue to move lower.

  • Duration 1:46
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There's your oil market down by what -- -- said today and NYNEX.

Crude oil get some concerns about China and the economy slowing faster than expected over there -- triples the senior commodities -- our -- futures he joins us from the C.

And meet today -- of course also concerns I would think fell about Europe in the mess that Greece says continue to be the what are you watching most closely.

Well I mean when we saw oil gap lower here last night when it was in -- open up.

You know there was a lot of questions about China I mean they had cut the reserve requirements that normally stimulates growth.

But what people are looking at is now it's more of a sign of desperation to keep the growth the lives so China I think clearly slowing down.

I think that's an indication of global growth which is slowing down.

We're seeing.

Political turmoil over in Europe and also you know there is a loss of some confidence in the US banking system self.

Investors are starting to pull some of their money out -- -- crude oil you know -- before picking a bottom the other day you know Friday Thursday people looking at that -- some kind of bottom.

Now works hard in every question that are taken positions off will oil just struck track this stock market and whatever it's doing on the day to day basis in the near term or do you just make the case that oil in and of itself continues to move lower for those reasons that you mentioned even Saudi Arabia's -- -- a we'd like a little bit of the lower.

Oil price.

I think it's a combination of both I think -- less oil gets some kinda new fundamental development whether you know what -- you heated situation and I ran again although they've been cooperating cooperating nicely here recently.

Or you know the stock market if it does have that final flushed down I think we're gonna go down thirteen ten to 1290 and the S&P right before we get our reactionary balance.

Big that oil start to turn around whether that's the other thing we're watching out today on markets -- they'll struggle from Chicago thanks a lot.

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