Record Oil Costs Deflate Stocks ; Retailers Hurt in Tight Market
The Washington Times › August 06, 2004
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Summary
Stocks plummeted as oil prices hit a record $44.41 a barrel yesterday and major retailers such as Wal-Mart reported another month of tepid sales because of high gasoline prices.
The latest twist in the Yukos saga sent oil prices soaring, demonstrating how American consumers and businesses increasingly are being held hostage to oil dramas playing out around the world, from Russia to Venezuela and the Middle East, as supplies tighten.See the full content of this document
Extract
Record Oil Costs Deflate Stocks ; Retailers Hurt in Tight Market
The Dow Jones Industrial Average, which has reacted in tandem with rises and falls in oil prices for the past week, yesterday plunged 163 points, crashing back through 10,000 and ending at 9,963. Oth...
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