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Rising Oil price puts pressure on the already ailing economy reports Washington Post

Washington Post reports that rising oil price, which is just about to touch $100 and new evidences of economic slow down have raised the specter of stagflation. Cobination of these bad newses forced the investors to move money into safer investments bringing down the Dow Jones industrial average by 1.7 percent, or about 221 points. Read in details
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Oil eases after surge to $100 (The Economic Times 3rd Jan 2008)Oil prices dipped on Thursday after leaping to a lifetime high of $100 the day before amid a new-year rush of investor demand fuelled by expectations of thinning US stockpiles, the falling U.S. dollar and geopolitical risks. US light crude for February delivery fell 37 cents to $99.25 a barrel in Globex electronic trading by 0017 GMT. US crude traded once at $100 a barrel in the previous session, surpassing the previous $99.29 peak set in November. Oil prices climbed 58 per cent in 2007, the biggest annual gain this decade, and many fund managers were bracing for another year of volatile but rising commodity prices. More
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