Over shadowing the first good news about the housing market's 2% climb in existing home sales, stocks markets took another dive as surging oil prices hit a new high.
The problem is compounded by troubles in the automotive and high-tech sectors. But probably the most devastating news was comments made by OPEC's president warning of higher oil prices as the dollar continues to slide.
Throwing fuel on the fire is Libya's announcement that it will cut crude production to help bolster energy prices.
The OPEC statement cast a dire prediction of oil prices reaching as high as $170.00 a barrel.
According to Market Watch Kevin Kerr, president of Kerr Trading International said "The Fed is driving weakness in the dollar and that's driving oil prices higher."
We're feeling the pinch in a big way as prices across the board continue to rise.
The problem is compounded by troubles in the automotive and high-tech sectors. But probably the most devastating news was comments made by OPEC's president warning of higher oil prices as the dollar continues to slide.
Throwing fuel on the fire is Libya's announcement that it will cut crude production to help bolster energy prices.
The OPEC statement cast a dire prediction of oil prices reaching as high as $170.00 a barrel.
According to Market Watch Kevin Kerr, president of Kerr Trading International said "The Fed is driving weakness in the dollar and that's driving oil prices higher."
We're feeling the pinch in a big way as prices across the board continue to rise.
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