Oil Prices Spiral Downwards as Economic Gloom Intensifies

Oil Market Summary for 08/16/2010 to 08/20/2010 Crude oil prices continued their downward spiral during the week as new data confirmed that  U.S. economic growth is slowing. The benchmark West Texas Intermediate contract settled 2.6% lower for the week on Friday, at $73.46 a barrel compared to the $75.39 close a week ago, itself a decline of 7% from the previous week. News Thursday of an increase in jobless claims and a slowdown in manufacturing activity in the key mid-Atlantic region knocked both stock prices and commodity prices. The Friday close marked oil’s lowest price since the beginning of July as recurring doubts about the economy take the steam out of any rally in prices. Market participants speak of a malaise in the absence of any breakthrough on the…