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Wednesday May 04, 08:48
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Oil retreats on expectations of across-the-board rise in US stocks
(by Julia Jenson)
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Crude oil prices retreated a little, remaining under $50 per barrel in anticipation of a US government report on US oil inventories, which, according to analysts’ forecasts, is due to post one more increase in both gasoline and crude supplies. This is projected to be the first across-the-board hike in oil stocks in four months. Even so, worries still persist about the US inventories ahead of the summer driving season.
On the New York Mercantile Exchange, crude oil futures ended at 49.47 dollars a barrel.
Fed’s latest decision to increase US key interest rate was also weighing on the oil prices, due to expectations that the world’s largest economy may slow down due to higher interest rates.
"One reason oil prices got hit hard last week was the barrage of weaker than expected macro economic reports," said Phil Flynn, an analyst with Chicago-based Alaron Futures and Options, on the firm’s Web site. "Traders started thinking it would be difficult for oil demand to remain strong if the economy softened."
Twenty-six energy ministers from countries advised by the International Energy Agency expressed their concern about high prices and called for steps to bring down the demand.
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