This will make the turnaround a little easier.
Oil falls below $38 as investors eye US earningsSIOUX FALLS, S.D. (AP) -- Falling crude demand in the world's largest consuming nation drove oil prices below $38 a barrel Monday as the U.S. enters a corporate earnings season expected to be fraught with bad news.
Economic worries outweighed factors that would normally boost the market -- Mideast tensions, signs that OPEC was implementing large-scale production cuts, the ongoing Gazprom-Ukraine gas dispute and a winter likely to feature the coldest weather in a decade.
"It's amazing what the market's ignoring," said Phil Flynn, an analyst at Alaron Trading Corp. "That really tells you the story of how bearish this is."
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