Oil prices surged and American stock markets took a tumble on Thursday as investors grappled with a slew of weak economic data and concerns about economic fallout from the assassination of the Pakistani political leader, Benazir Bhutto.
Oil prices jumped more than $1, to $97.36 a barrel, the highest price in more than a month, after the Energy Department said domestic petroleum supplies dropped last week. Most of the increase came after a disappointing inventory report, and some analysts said the violence in Pakistan had little effect on the market. Oil prices ended the day at $96.75, up 67 cents.
“How many traders know where she fits into the political spectrum in Pakistan, and how many would be able to digest what the risk would be for that area of the world?”. “I don’t think very many.”
The major European markets appeared to shrug off the news, with a benchmark London index ending the day in positive territory. French and German markets also retained their gains. Maybe the US just needs to chill out a bit.
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