CRUDE OIL Crude Oil declined to trade at 95.41 down by 47 cents today, after mixed data around the world. Japanese equity markets tumbled setting a new record and entering bear territory. The World Bank revised down growth estimates to 2.2% for the year, while the EIA downgraded oil demands and the IEA showed a record oil glut. The International Energy Agency (IEA) said modest economic growth was limiting oil demand worldwide, and that some developed economies would see absolute declines in oil consumption in 2013. In China, the world’s No. 2 oil consumer, “weaker economic growth and lower than previously forecast March/April consumption data” support the view that demand is weakening, the IEA said. Weekly U.S. crude stockpiles rose 2.52 million barrels last week, defying expectations of a 700,000 barrel draw, data from the EIA showed. The report followed data released by the American Petroleum Institute on Tuesday that crude oil stocks rose 9 million barrels last week. Crude oil prices were drawing some strength from continued worries over supply disruptions in Libya and Sudan, among other oil producing nations, traders said. Sudan officially informed South Sudan on Tuesday that it would stop allowing its neighbor to export crude through its territory within two months. Libya’s oil output has fallen below 1 million barrels per day due to protests at fields and terminals, its state-owned oil company said. A weaker U.S. dollar also supported prices.
Posted on: Thu, 13 Jun 2013 15:05:04 +0000
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