Oil falls for 3rd day to 13-month low near $73
TOKYO: Oil fell for a third day to a new 13-month low near $73 a barrel on Thursday, amid continued worries that a deepening economic slowdown will cut into already weakening demand.
Traders are also waiting for weekly US oil inventory data due later in the day. Analysts polled by Reuters expect the numbers to show increases in crude and oil products.
Crude for November delivery was trading down $1.17 at $73.37 a barrel by 0018 GMT in electronic trading, after settling down $4.09 a day earlier. It earlier fell to $73.18, the lowest since late August 2007.
Crude now stands more than 50 per cent off the July record peak above $147, and analysts have scaled back global demand growth estimates, after a slew of recent data backed a trend of weakening oil demand.
London Brent crude was not traded yet, after settling down $3.73 at $70.80 on Wednesday.
U.S. retail gasoline demand last week fell more than 9 per cent year-on-year for a second straight week as consumer spending slowed, MasterCard Advisors said.
JP Morgan cut its average oil price forecast for 2009 to $74.75 a barrel, citing the weak economic outlook.
SOURCE : ECONOMIC TIMES
TOKYO: Oil fell for a third day to a new 13-month low near $73 a barrel on Thursday, amid continued worries that a deepening economic slowdown will cut into already weakening demand.
Traders are also waiting for weekly US oil inventory data due later in the day. Analysts polled by Reuters expect the numbers to show increases in crude and oil products.
Crude for November delivery was trading down $1.17 at $73.37 a barrel by 0018 GMT in electronic trading, after settling down $4.09 a day earlier. It earlier fell to $73.18, the lowest since late August 2007.
Crude now stands more than 50 per cent off the July record peak above $147, and analysts have scaled back global demand growth estimates, after a slew of recent data backed a trend of weakening oil demand.
London Brent crude was not traded yet, after settling down $3.73 at $70.80 on Wednesday.
U.S. retail gasoline demand last week fell more than 9 per cent year-on-year for a second straight week as consumer spending slowed, MasterCard Advisors said.
JP Morgan cut its average oil price forecast for 2009 to $74.75 a barrel, citing the weak economic outlook.
SOURCE : ECONOMIC TIMES