Oil Tanks Further on Depressing U.S. Manufacturing Data ...Middle East

Oil prices continued to plummet on Wednesday while gold was enjoying its best time in six months with the release of U.S. manufacturing data for December, which appeared to show a shrinking American economy.  The Institute for Supply Management Manufacturing Purchasing Manager Index (ISM PMI) came in at 48.4 in December, or 0.6% lower than November’s reading. Anything below 50 indicated contraction. The 48.4 PMI is equal to a 0.1% drop in real gross domestic product on an annualized basis, according to the ISM PMI.  “Regarding…

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