Crude oil traded below $70 a barrel in New York after falling on concern that oil demand in the U.S., the biggest energy consuming nation, will be slow to rebound after the jobless rate increased. Oil prices dropped as much as 3.5 percent on Oct. 2 after the U.S. lost more jobs than estimated in September. Economist Nouriel Roubini, the New York University professor who predicted the financial crisis, said Oct. 3 that stock and commodity markets may drop in coming months as the gradual pace of the economic recovery disappoints investors.
“There was weak data coming out of the U.S. and equity markets were weaker,” Mark Pervan, senior commodity strategist at ANZ Banking Group Ltd. in Melbourne, said by phone today. “It’s all pointing downwards.” Crude oil for November delivery traded at $69.88 a barrel, down 7 cents, in electronic trading on the New York Mercantile Exchange at 10 a.m. Singapore time.....Read the entire article
