Crude Oil Insights Crude Price Outlook, Uncategorized Crude Oil Price Update. Weak US Economy Outlook Reducing Prices

Crude Oil Price Update. Weak US Economy Outlook Reducing Prices

Oil futures fell yesterday and traded at a two-day low. Crude for May delivery at NYMEX fell to USD $ 105.60 a barrel, falling by 15 cents. At the time of market closure, Brent was priced at USD $ 114.68 a barrel, WTI was at USD $ 105.60 a barrel, while West Texas Sour was at USD $ 102.10 a barrel. The reason for this decline in oil prices was because of durable goods order in the US unexpectedly falling in February. This led to speculations that the reduced demand from the US would outweigh the fears about a cut in oil supply due to the unrest waging on in the Middle East and Libya.

 

Author: Jawwad