Sell-Off in Risk Assets Takes Crude Under $100
The U.S. stock market has been under pressure again on Friday and risk-averse sentiment has spilled over into the crude market. Heading into the final hour of trade, the Dow Jones Industrial Average had lost more than 156 points and was traidng at 13,050. The S&P was down nearly 21 points, or 1.48%, and the Nasdaq composite had shed 2% on the day.
The negative sentiment has also triggered a steep sell-off in the price of crude oil. At last check, NYMEX crude futures had lost 3.85% to $98.59, convincingly breaking the psychologically important $100.00 level. In ETF trading, the United States Oil Fund (NYSE: USO) had lost 3.86% to $37.33. The USO has now lost nearly 6% in the last 5 trading sessions.
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