The slide in oil prices came after a rally in the U.S. dollar and news that Hurricane Gustav had spared major Gulf oil facilities. For details, see [ID:nL2728932]
U.S. crude CLc1 fell 6.5 percent to $107.95 a barrel. Besides easing the toll of higher energy prices on the economy, lower oil prices will also buoy hopes of an easing inflationary pressures at a time when the U.S. Federal Reserve is working to revive growth by keeping interest rates low.
Standouts are likely to include retailers, big manufacturers, airlines -- all key beneficiaries of lower energy costs. Technology and financial stocks were also poised to gain as investors pull money out of energy plays into beaten-down sectors
U.S. crude CLc1 fell 6.5 percent to $107.95 a barrel. Besides easing the toll of higher energy prices on the economy, lower oil prices will also buoy hopes of an easing inflationary pressures at a time when the U.S. Federal Reserve is working to revive growth by keeping interest rates low.
Standouts are likely to include retailers, big manufacturers, airlines -- all key beneficiaries of lower energy costs. Technology and financial stocks were also poised to gain as investors pull money out of energy plays into beaten-down sectors
