Breaking News: Market Open Looks Bleak
U.S. crude oil futures surged more than $4 in opening trade on Monday, hitting a new record high above $70 a barrel after Hurricane Katrina forced Gulf of Mexico producers to shut in more than a third of their output.Katrina, which strengthened into a rare, maximum power Category 5 hurricane as it spun through key oil and gas fields toward New Orleans, shut in a total 633,000 barrels per day (bpd).
Stock futures are getting destroyed in early trading tonight.
We could have one nasty, nasty open tomorrow if Katrina is as bad as experts are predicting.
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