Crude oil dropped below $68 a barrel on speculation supplies are ample as the end of summer driving in the U.S. compounds already weak global demand. A report tomorrow will probably show consumer credit in the U.S., the world’s largest oil consumer, fell for a sixth month as banks restricted lending and rising unemployment damped borrowing. OPEC member states are unlikely to change output levels when they meet this week, Agence France-Presse reported, citing Iran’s representative to the group, Mohammad Ali Khatibi.“The trade is kind of anticipating a period of slack seasonal demand coming up, which I think is possibly going to keep the upside fairly limited,” said Toby Hassall, research analyst with Commodity Warrants Australia Pty in Sydney. “We’ll just have to see if the refineries start to scale back their runs”.....Read the entire article
