oil drops over $8.00 to $108; PSEi likely to rally

We're likely to see the PSEi rally and track the expected large gains in the U.S. stock market, the dow currently at +2%, S&P at +1.85% and Nasdaq +1.36% in early trading, due to oil dropping over $8.00 to settle at the $108 level. The drop is reported by CNBC to be due to the easing concerns over hurricane gustav.

The PSEi closed at 2708.25 monday, Sept. 2, 2008.

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