Posts
MTECHTIPS:-Crude drops on IMF growth revision, fears of building U.S. stockpiles
Crude oil futures fell in Asian trading on Wednesday in wake of an IMF decision to cut global growth forecasts for this year and next.On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD91.73 a barrel on Wednesday, down 0.71%, off from a session high of USD91.94 and up from an earlier session low of USD91.71.The IMF said that the global economy will expand 3.3% this year and 3.6% in 2013.Both forecasts represent downward revisions made in July for growth of 3.5% for this year and 3.9% in 2013.The numbers convinced investors that the global economy is cooling and will be in less need of fuels and energy to operate.The numbers sparked concern among analysts that weekly crude and gasoline stockpile data released in the U.S. this week will reveal waning demand for oil and fuels.Elsewhere, protestors clashed with police in Athens to mark German Chancellor Angela Merkel's visit to Greece, as the German leader urged Greece to stick with austerity measures, adding the country will be better off in the long run.Uncertainty over whether Spain will seek a bailout kept oil lower as well.
Crude oil futures fell in Asian trading on Wednesday in wake of an IMF decision to cut global growth forecasts for this year and next.On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD91.73 a barrel on Wednesday, down 0.71%, off from a session high of USD91.94 and up from an earlier session low of USD91.71.The IMF said that the global economy will expand 3.3% this year and 3.6% in 2013.Both forecasts represent downward revisions made in July for growth of 3.5% for this year and 3.9% in 2013.The numbers convinced investors that the global economy is cooling and will be in less need of fuels and energy to operate.The numbers sparked concern among analysts that weekly crude and gasoline stockpile data released in the U.S. this week will reveal waning demand for oil and fuels.Elsewhere, protestors clashed with police in Athens to mark German Chancellor Angela Merkel's visit to Greece, as the German leader urged Greece to stick with austerity measures, adding the country will be better off in the long run.Uncertainty over whether Spain will seek a bailout kept oil lower as well.
No comments:
Post a Comment