Tuesday, September 4, 2012
Crude Oil Falls as U.S. and European Manufacturing Pulls Back
“We are seeing downward prices because of the poor economy,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “The ISM number compounds the earlier manufacturing number from Europe, and overall, the economic data is weak.” Oil for October delivery decreased $1.17 to settle at $95.30 a barrel on the New York Mercantile Exchange. Prices are down 3.6 percent this year.
Brent oil for October settlement fell $1.60, or 1.4 percent, to end the session at $114.18 a barrel on the London based ICE Futures Europe exchange. The U.S. manufacturing index decreased to 49.6 in August from 49.8 a month earlier, the Tempe, Arizona based ISM said today.
Economists in a Bloomberg survey projected an August reading of 50, which is the dividing line between expansion and contraction.....Read the entire Bloomberg article.
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Posted by Ray C. Parrish at 2:20 PM