With our financial system in turmoil, no one is paying attention to the fact that oil is down another $5 and change. As shown in the chart below, after being up 51.38% at the start of July, the commodity is now down on the year. As oil skyrocketed, so many companies lowered guidance recently after factoring in a large increase in energy costs. With oil now back to break even for the year, corporate profits should benefit.
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