Sunday, March 3, 2013

Oil Prices Erode Economic Outlook

Outlook Ekonomi Menggerus Harga Minyak

Monexnews-U.S. crude oil futures skidded to the lowest position 1-new moon on Thursday following the release of some disappointing economic data, so that adds to fears of slowing the pace of fuel demand. Minutes of the Federal Reserve's policy meeting of the U.S. that shows some policy makers are starting to consider the termination of a faster QE3 also weighs on commodities berdenominasi u.s. Dollar.

Currently crude oil contract for delivery in April was trading in the range of $ 109.54 per barrel or about 2.15% below the closing price Wednesday.

Data released by the Labor Department AS moments ago showed a spike in weekly unemployment claims, which highlights the slow pace of recovery of the labor market. In addition, the decline in business activity in the eurozone also getting in, according to some economists, indicating if the economy 17-country bloc will still be experiencing contractions throughout the first quarter of this year.

Oil commodities is very related to the outlook of the global economy, given the weak growth will usually erode demand for gasoline, diesel and other fuel-based crude oil.

Then traders and investors will be looking forward to the US crude oil inventory report from the Energy Information Administration (EIA), which experienced a day due to the resignation of President ' Day off ' at the beginning of the week. U.S. crude oil inventories are expected to rise by as much as 1.9 million barrels last week. (vid)



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Title Post: Oil Prices Erode Economic Outlook
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Author: Mohammad Zulfi Satriawan

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