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Oil Gyrates on Bernanke Comments

NEW YORK -- Oil futures fluctuated Thursday after Federal Reserve Chairman Ben Bernanke said he expects slower growth in 2008, but no recession, according to the Associated Press.

Bernanke's comments added to the negative economic sentiment that has been the market's dominant driver in recent days, pushing prices down nearly $10 from their record over $100 a barrel two weeks ago. Despite Bernanke's comments, many investors fear a recession is imminent.

Posted by Peter C. T. Elsworth  at 11:45 AM to Crude oil market | Permalink

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