Thursday, June 3, 2010
Crude Oil Falls First Day in Three on Slowing Growth in China
“The mood is still cautious,” said Toby Hassall, a commodity analyst at CWA Global Markets Pty in Sydney. “The numbers from the EIA were not unexpected in terms of the seasonal pattern. There is still caution in the marketplace.” Crude oil for July delivery dropped as much as 42 cents, or 0.6 percent, to $74.19 a barrel, in electronic trading on the New York Mercantile Exchange. It was at $74.31 at 10:33 a.m. Singapore time. Yesterday, the contract rose $1.75 to settle at $74.61. Futures are poised for a 0.4 percent gain for the week, the second consecutive weekly increase.
“Sentiment is still very fragile,” David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney, said by telephone today. “Inventories are still high. There are some signs of improvement but it’s certainly not a tight market at this stage”....Read the entire article.
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