NEW YORK (AFP) - the price of oil slipped in New York, but continues in London on Wednesday in the concerns that the eurozone debt crisis and an another hike in Chinese interest rates could reduce the global demand for energy.
Main contract New York, West Texas Intermediate for delivery in August, shed 24 cents to close at $96.65 barrel.
In London, North Sea Brent crude for August delivery of acquired one cent to close at $113.61 per barrel, constitute losses earlier in the day.
"There was so much wind today pushing crude lower... and yet gross is still suspended, said Matt Smith, an analyst with the energy of the Summit."
"There is no data in support of this general feeling." Is that just the market does not seem to move lower because it has passed the level of $96. »
Initially, the price of oil fell after Beijing covered its main interest rate by 25 basis points, the third step this year and the latest effort to curb inflation in a rapid growth of China economy.
"The Chinese action in hiking interest rates... has raised concerns of a hard landing of the Chinese economy," said Michael Hewson, an analyst with CMC markets.
"This in turn could affect future demand which in turn has raised concerns that the Chinese may be considered too heavily on the brakes in doing so."
Separately, fears about the crisis which weighs convent from Europe as traders continued to digest the impact of the decision of Moody Tuesday to downgrade the debt of the Portuguese Government to junk status.
Traders are also looking to come to the meeting of the European Central Bank rate Thursday, in which the ECB should raise its interest rates key to 25 basis points to 1.5% in a bid to curb inflation.
The ECB would slowdown in European growth and in turn reduce energy demand.
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