The drop in oil prices due to economic worries and weak U.S. data
NEW YORK, September 4, oil prices fell Tuesday due to worries that the slowdown in economic growth and oil demand subdued overshadowed by the U.S. Federal Reserve (Fed FED) and the European Central Bank will introduce more monetary stimulus measures Aspirations.
Weak August U.S. manufacturing data and construction spending fell in July to pressure oil prices and U.S. stocks initially confined. [US-ECI-CMN] "The market needs to see demand exists" CMC Markets market analyst Michael Hewson said, "and you see the only way to the growth in demand is the drop in oil prices and oil price rally will be limited. "
The euro against the U.S. dollar fell as investors worried about the European Central Bank to deal with the debt crisis may lack information to enable them to become more cautious.
Hurricane Isaac struck the United States led to the Gulf of Mexico production of crude oil and refined oil products to reduce this factor to limit the decline in crude oil futures. Production facilities of oil companies to reopen Yinaisake closed.
The U.S. government said there are still daily output of more than 71 million barrels of crude oil production facilities close this offshore production in the Gulf of Mexico more than half since August 25 because Isaac struck the United States a total of 1050 million barrels of crude oil facility was closed.
October Brent crude oil futures fell $ 1.60 to settle at $ 114.18 a barrel after touching a high of $ 116.65 intraday low of $ 113.93.
U.S. October crude oil futures fell $ 1.17 to settle at $ 95.30 a barrel less than 200 days moving average at $ 96.65 trading range of 94.97-97.37 dollars.
U.S. oil futures slipped .10 gasoline futures fell by 0.7% in heating oil futures fell 1% in the September contract expires on Friday.
Van der Hoeven (Maria van der Hoeven), the Director-General of the International Energy Agency (IEA) said on Tuesday that high global oil prices triggered concerns of IEA crude oil market supply situation is better in the refined oil products.
U.S. crude oil weekly inventory report will be closed this week due to the Labor Day holiday in the United States on Monday to postpone the announced American Petroleum Institute will release its data on Wednesday 2030 GMT.