Oil Prices End Lower on Growing Global Uncertainty
Abcnews reports that Oil prices dropped for a third day on Tuesday with persistent worries about the global economy.
Articles Tagged "global economy"
Positive Economic Outlook Spurs Crude
The oil market is bubbling over. Volatile at the best of times, the last year has been extraordinary even by those standards. When the price of crude came close to $150 a barrel, many thought the commodity was overpriced. And yet, some analysts are forecasting $200 a barrel before long. On Thursday, crude prices hovered above $61 a barrel in Asia after a more positive economic outlook from the U.S. central bank buoyed investor confidence. The Fed said industrial companies cut production far less in June than they had in previous months and that it now expects the economy to contract at a slower pace than previously thought.
Disruption Concerns Prop Crude
Crude oil rose for a second day in New York on Tuesday, as gains in the stock market increased optimism that the global economy is recovering. "Sentiment has driven this market from its lows in the hopes of an imminent recovery," said Toby Hassall, research analyst at Commodity Warrants Australia Pty in Sydney. "If we do see equities continue their rally, oil and a lot of other commodities are probably going to follow."
