The official “No-Duh” happened yesterday when the National Bureau of Economic Research declared the United States entered a recession in December 2007. Remember, if it hobbles like a recession and mumbles like a recession, it probably is a recession. Thanks NBER.
While it’s only a matter of time before the infection, which is now a worldwide illness, runs its course, you can expect more moves to the downside in just about every sector, especially commodities.
Until July, commodities were untouched by the mess that sparked the worst financial crisis since the Great Depression. Now the United States, Europe and Japan are up again the first simultaneous recession since World War II.
Oil prices have tanked 68% since hitting $142.27 a barrel on July 11, and they are likely to head lower as OPEC remain indecisive in dealing with a growing oversupply.
U.S. crude inventories are expected to show a rise of 850,000 barrels in the week ended Nov. 28 when the Energy Department issues its report tomorrow. Gasoline stockpiles are expected to show an increase of 1.5 million barrels.
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