| Oil prices slumped following the U.S. economic condition |
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| Friday, 20 August 2010 10:07 | |||
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Page 1 of 2 Oil prices slumped following the U.S. economic conditionNEW YORK Crude oil traded at around six months after the lowest point had plummeted due to increased unemployment in the U.S. and the contraction in the manufacturing sector added concern that economic recovery in the country's largest oil consumer is being slowed. Oil, which this week was down 1.3%, fell back yesterday after the U.S. Labor Department said the unemployment rate climbed to its highest level since November. General economic index from the Federal Reserve Bank of Philadelphia fell to the lowest reading since July 2009. Total U.S. fuel inventories reached the highest point in at least 20 years, according to a report from the Department of Energy. "Picture a negative level jobs, plus the amount of fuel inventories reached a record, will continue to put pressure on energy markets," said John Kilduff, a consultant at Capital LLC Again, a special energy hedge fund based in New York. "Philadelphia is a negative index number added concerns about economic strength." Crude oil for September delivery traded at U.S. $ 74.45 per barrel, up 2 cents in electronic trading on the Stock Exchange New York Mercantile Exchange 8:27 pm Sydney time. Yesterday, the contract had fallen 99 cents, or 1.3% to 74.43, the lowest price since July 7. While oil futures prices rose 2.6% from last year. Unemployment increased by 12,000 to 500 000 in the week ended August 14, according to Labor Department reports. This figure exceeded the number expected by economists surveyed and compared with the median estimate of 478 000. Brent oil price for October delivery fell U.S. $ 1.17 or 1.5% to U.S. $ 75.30 per barrel at the close of trading on the Stock Exchange ICE Futures Europe Exchange in London yesterday. (T04/msw) www.tenderoffer.biz
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