24 Jun 2005 Oil Back in the Driver’s Seat?

Until Monday, investors seemed little interested in rising oil prices.  But oil’s crossing of the $60.00 threshold rattled more than a few.  Stocks declined for the past four days as oil prices increased.  When the price of crude briefly crossed $60.00 yesterday for the second time this week on the New York Mercantile Exchange, even more headed for the exits.  FedEx didn’t help matters as they reported earnings that fell short of expectations; blaming high fuel process for some of their problem.  The DOW was down 1.6% and the broader S&P 500 was down a little over one percent.