Oil Fluctuates on Italy Election, US Economic Data
From US News
The price of oil bounced around Tuesday as investors weighed the implications of political uncertainty in Italy, a rash of U.S. economic indicators and the latest assessment of the economy from the head of the Federal Reserve.
Benchmark crude for April delivery was down 50 cents at $92.61 a barrel in morning trading on the New York Mercantile Exchange. The price dropped below $92 earlier, and also briefly rallied into positive territory.
Stock and commodities markets were initially rattled by the possibility of political paralysis in Italy after nearly complete results in crucial national elections showed no clear front-runner. Investors worried that the uncertainty could intensify Europe’s debt crisis.
“It seems that Italy is repeating the same story as Greece, bringing renewed uncertainty about European political and economic conditions and further volatility and nervous trading across the markets,” said a report from Sucden Financial Research in London.
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