• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 1 hour U.S. Presidential Elections Status - Electoral Votes
  • 3 hours *****5 STAR Article by Irina Slav - "The Ugly Truth About Renewable Power"
  • 4 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 hours Americans are not agreement capable.
  • 6 hours 1 in 5 electric vehicle owners in California switched back to gas because charging their cars is a hassle, new research shows
  • 3 days America's pandemic dead deserve accountability after Birx disclosure
  • 4 hours How US Capitalism Uses Nationalism
  • 2 days Battery storage 30% cheaper than new gas peaker plants, Australian study finds
  • 2 days Joe Biden's Presidency
  • 2 days Forecasts for Natural Gas
Oil Prices Rise On Weaker U.S. Dollar

Oil Prices Rise On Weaker U.S. Dollar

Following a 6-percent weekly gain…

Hedge Funds Bet On Higher Oil Prices

Hedge Funds Bet On Higher Oil Prices

Hedge funds are finally growing…

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

Premium Content

U.S. Growth Fears Push Crude Oil Futures Close to Five Week Low

Crude oil futures traded close to a five-week low on Wednesday, fluctuating between small gains and losses as concerns that the U.S. economic recovery was faltering weighed on future demand expectations from the world’s largest oil consumer.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD93.38 a barrel during European morning trade, edging 0.15% higher.

The crude contract traded between a range of USD93.60, the daily high and USD92.85, the daily low and the lowest since June 29.

Data on Tuesday showed that U.S. personal spending unexpectedly dropped in June, the first decline in nearly two years, while personal income recorded the smallest gain since last November, underlining concerns over the pace of the U.S. economic recovery.
Meanwhile, the U.S. Senate approved a bill to raise the U.S. debt ceiling by at least USD2.1 trillion on Tuesday, averting a default.

Following passage of the bill, ratings agency Moody’s assigned a negative outlook to the U.S. credit rating, on concerns that fiscal discipline will ease, further debt reduction measures would not be adopted and the economy will weaken.

Moody's decision came after rival Fitch Ratings affirmed its AAA rating on U.S. debt, but warned that the country must cut its debt burden to avoid a future downgrade.

Crude prices were supported after the American Petroleum Institute said on Tuesday that U.S. crude supplies declined by 3.3 million barrels last week, while gasoline stockpiles increased 2.55 million barrels.

Later in the day, the U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended July 29.

The data was expected to show that U.S. crude oil stockpiles rose by 1.5 million barrels, while gasoline supplies were forecast to rise by 0.5 million barrels. 

Elsewhere, on the ICE Futures Exchange, Brent oil futures for September delivery dipped 0.3% to trade at USD115.72 a barrel, up USD22.34 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





Leave a comment
  • Anonymous on August 04 2011 said:
    OPEC executives will return from their holidays soon, and then we will see a reaction on the oil market. I hope though that they decide to postpone their return until September, or even later, because they dont want them playing any games with the global macroeconomy until it starts making sense.

Leave a comment




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