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| Oil Prices Fall Amid Reduced Consumer Confidence |
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| Wednesday, 28 July 2010 09:34 | |||||||
Page 1 of 2 NEW YORK - Oil prices fell on Tuesday as sentiment is reduced by the deterioration of consumer confidence in the United States, the major energy consuming countries in the world.New York's main contract, light sweet crude for delivery in September, shrank 1.48 dollars to 77.50 dollars per barrel. North Sea Brent crude in London for September delivery lost 1.37 dollars to 76.13 dollars. Prices fell after a closely watched survey on Tuesday showed that U.S. consumer confidence fell to the worst level in five months on concerns over unemployment in the midst of uncertain economic conditions. The Conference Board, a business research company, said its index of consumer confidence has dropped sharply in June, backed up further this month. Index fell to 50.4 points from 54.3 last month, according to a survey of 5000 U.S. households, the company said in a statement. Now at the lowest point since February. Most economists expect the index fell to 51.0 points in July. "Consumer confidence is a good indicator of demand in the future," said Adam Sieminski, energy economist at Deutsche Bank. "This is the impact of sentiment about where the demand will occur in the next six months." High unemployment, wage growth is only moderate and credit crisis has been putting household finances under pressure because of slowing U.S. economic growth. U.S. economy emerged in the mid-last year of a brutal recession that struck in December 2007, but growth has eased to some analysts worried about a recession "double-dip". Investors will continue to look carefully the level of U.S. inventories, the latest data to be released Wednesday, to assess prospects for demand. Most analysts expect crude oil inventories fell 1.4 million barrels last week, but gasoline stockpiles increased by 600 000 barrels and distillates in storage increased by 1.9 million barrels, according to a survey by Dow Jones Newswires. "In fact, crude oil inventories probably fell last week to a four-month low as imports declined because of Tropical Storm Bonnie and disrupt production," said MF Global energy analyst Mike Fitzpatrick. He said "one of the famous" thinking investment house hargan oil futures "significantly" below the level guaranteed by the "fundamentals" and that they offer the opportunity to buy this year and next year. (AFP) tenderoffer.biz
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