Wednesday, June 30, 2010
Crude Oil Falls on Concerns China, U.S. Growth Is Slowing
“Sentiment on the economy can be considered still negative, not so strong,” said Ken Hasegawa, a commodity derivatives sales manager at broker Newedge Group in Tokyo. “The stock market is very weak and that’s helping crude oil to fall.” Oil for August delivery fell as much as $1, or 1.3 percent, to $74.63 a barrel in electronic trading on the New York Mercantile Exchange. It was at $74.95 at 1:13 p.m. in Singapore. Yesterday, the contract decreased 31 cents to $75.63. Futures, down about 6 percent this year, lost 9.7 percent in the second quarter. The market is in its longest pullback since a six day drop through May 18.....Read the entire article.
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