{"id":10622,"date":"2010-04-19T08:20:12","date_gmt":"2010-04-19T06:20:12","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10622\/us-light-oil-prices-fall-under-82-on-goldman-sachs-news\/"},"modified":"2010-04-19T08:20:12","modified_gmt":"2010-04-19T06:20:12","slug":"us-light-oil-prices-fall-under-82-on-goldman-sachs-news","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10622\/us-light-oil-prices-fall-under-82-on-goldman-sachs-news\/","title":{"rendered":"US Light oil prices fall under $82 on Goldman Sachs news"},"content":{"rendered":"

US Light oil prices plunged below $82 a barrel in trading on Monday in Asia, extending big losses after the SEC said Goldman Sachs defrauded investors by failing to disclose key information about mortgage investments it sold as the housing market was collapsing in 2008.<\/p>\n

US Light crude oil futures for May delivery was down $1.38 to $81.86 a barrel at midday Singapore time in electronic trading on the NYMEX.<\/p>\n

Goldman Sachs, which has large positions across many markets including oil, was charged with fraud by the US SEC over its marketing of a subprime mortgage product. The news dragged down broad US equity indexes and will probably have the same effect today when the market opens.<\/p>\n

“We are seeing a spillover reaction to news of Goldman being charged,” said David Moore, an analyst at the Commonwealth Bank of Australia in Sydney.<\/p>\n

“It’s mainly a sentiment issue; oil prices have risen very strongly in recent weeks on bullish sentiments and anticipation of a demand recovery later this year. So it is naturally very vulnerable to a correction when market sentiments change.”<\/p>\n

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