Oil surges ahead and stocks get battered!

Today saw the Wall street take a battering on account of the surge in Oil and the weak economic data. i had already posted on the Oil reaching 90$ and more. It was only to be expected especially with the Middle east conditions being what they are. What has made matters even worse is the fact that the OPEC is not increasing the supply at the moment and they are scheduled to have a series meetings on this account. If the OPEC cannot control the sudden surges in Oil prices, then may be some one else could do it for them. The statements from the president of the United states, George bush on Iran and the World war 3 certainly did nothing to ease the markets. All they did was to increase the 'bear' pressure on the markets. All in all, with the Oil surges and the weak economic data coupled with Georgie's statements on war, all of them together made the Wall street take a battering!

wall street,oil,share market,opec,