• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 19 mins Tidal Power Closer to Commercialisation
  • 9 hours Oil-sands recovery by solvents has started on a trial basis; first loads now shipped.
  • 4 hours US-backed coup in Venezuela not so smooth
  • 2 hours Solar to Become World's Largest Power Source by 2050
  • 9 hours New Rebate For EVs in Canada
  • 3 hours Read: OPEC THREATENED TO KILL US SHALE
  • 17 hours Why U.S. Growers Are Betting The Farm On Soybeans Amid China Trade War
  • 1 hour Will Trump Cave Again
  • 13 hours Biomass, Ethanol No Longer Green
  • 7 hours Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 8 hours Oil stocks are heating up again! What's on your Watchlist?
  • 12 hours Malaysia Oil & Gas Updates
Alt Text

Is This As Good As It Gets For Oil?

Oil prices have rallied significantly…

Alt Text

Oil Prices Rise On Imminent Trade Deal

Oil prices rose slightly on…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Trending Discussions

Crude Oil Futures Fall over Economic Concerns

Crude oil futures were down on Thursday, as a broadly stronger U.S. dollar and concerns over the U.S. economic outlook dragged prices lower. 

On the New York Mercantile Exchange, light, sweet crude futures for delivery in August traded at USD93.88 a barrel during European morning trade, slumping 0.69%.       

It earlier fell as much as 0.85% to hit a daily low of USD93.72 a barrel.

The Federal Reserve announced on Wednesday that it kept its benchmark interest rate unchanged at a historical low of 0.25% in June and gave no indications of further stimulus following the conclusion of its USD600 billion bond-buying program at the end of the month.

In its accompanying rate statement, the Fed cut its 2011 economic growth forecast for the U.S. to a range of 2.7% to 2.9%, down from a previous estimate of 3.1% to 3.3%. Policy makers also cut their forecast range for 2012 growth and lifted estimates for unemployment.

Speaking following the announcement, Fed Chairman Ben Bernanke said that “some of the headwinds that are concerning us, like problems in the housing sector, may be stronger and more persistent that we thought.”

The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was up 0.48% to trade at 75.65.

Dollar-denominated oil futures contracts tend to fall when the dollar gains, as this makes oil more expensive for buyers in other currencies.

Meanwhile, prices were supported after official data showed on Wednesday that U.S. gasoline inventories unexpectedly declined by 0.5 million barrels, confounding expectations for a 0.8 million barrel increase.

Total U.S. crude oil inventories fell by 1.7 million barrels, slightly higher than the expected 1.6 million barrel decline.

The U.S. is the world’s largest crude oil consumer.

Elsewhere, on the ICE Futures Exchange, Brent oil futures for August delivery fell 1.03% to trade at USD112.31 a barrel, up USD18.43 on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News