Oil below $70 as China stock market sinks

Source: Associated Press

Oil fell below $70 a barrel Monday as a steep drop in China's stock market raised doubts about the strength of the U.S. and global economic recovery.

Benchmark crude for October delivery lost $3.18 at $69.56 a barrel on the New York Mercantile Exchange. The contract on Friday added 25 cents to settle at $72.74, after falling from near $75 earlier in the week.

China raised some red flags last week as government officials seemed to suggest they would cut back on bank lending in coming months, essentially removing one of the stimuli they have added to the Chinese economy, said PFGBest analyst Phil Flynn.

The Shanghai Composite Index plunged 6.7 percent on Monday, adding to a nearly 3 percent drop on Friday, on concerns of a tightening in bank lending.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5i5TtajgUpSm7KY5jf-lCJGHBB-tAD9ADULQO0

ha ha :ROFL:

Can anyone be surprised at this point?

1. read the newspapers in the morning

2. make a list of things that are happening in the world

3. watch the movements of the markets

4. pick some event at random from your list

5. cook up some mindless bullshit about how this event contributed to the movement of the market

6. send the work of fiction to your editor to be published

(seemed like an apropriate moment to post this again)