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G20 failure drags down oil prices
11/22/2010
by Sam Fletcher, Senior WriterCrude prices, US stock markets, and corporate energy stocks fell Nov. 12 as the Group of 20 (G20) major world economies refused to back a US effort to get China to raise the value of its currency."The oil market suffered a complete about-turn," said Leon Westgate at Standard New York Securities Inc., the Standard Bank Group. "The sell-off essentially brought crude oil prices back to where it started Nov. 3, when QE2 [the US Federal Reserve Bank's second round of quantitative easing] was formally announced. That said, oil has still held up better than most equity markets and the euro since the QE2 announcement." Dollar weakness has been a k...
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