Oil mixed in China, demand for Europe is concerned (AFP)

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.

Oil futures rise past $97 on the prospects for demand - MarketWatch

Virginia Harrison Myra P. Saefong, MarketWatch SAN FRANCISCO (MarketWatch) - crude oil futures climbed Tuesday to mark their more high end in three weeks after a brokerage raised goals for next year oil price and forecast continued strong growth in global demand.

Optimism about the US economy and the possibilities for tightening regulations inside oil also added support for oil.

/ quotes/Zigman/2075824 CL1Q 96.89, + 1.95 to 2.05 %

Crude oil for August delivery/quotes/zigman/2075824 CL1Q + 2.05% increased from $1.95, or 2.1%, to close at $96.89 US per barrel on the New York Mercantile Exchange after tapping a maximum of $97.48. Prices marked their highest closing since June 14.

For 2012, Barclays Capital raised its forecast for gross by $10 to $115 a barrel, Brent and his Nymex forecast by $4, $ 110.

Barclays said its forecasts of supply and demand of 2012 "show a continuation of robust demand from emerging markets," global demand for oil should grow by 1.38 million barrels per day and non-OECD demand increased from 1.57 million barrels per day.

The main sources of growth in demand in 2012 should be China, the India, Saudi Arabia and the Brazil, Barclays said in a research Tuesday note.

"The forecast price basically includes potential supply interruptions as a risk premium," said James Williams, an economist with the energy to WTRG Economics.

The oil market has only 3.5 million barrels per day of spare capacity at the global level, with most of it in Saudi Arabia, according to Williams. If "market concern with respect to the alternative than low ability, there is a further interruption of supply, particularly in the Middle East," he said.

And now, "you cannot be sure in any country that supplies be interrupted"right, he said."".

Barclays trimmed also 6 of the WTI 2011 estimate, $ $ 100 the barrel, "but it is only in large part an admission that the market had already priced that they had overestimated this year, said Matt Parry, KBC Energy Economics Chief Economist.

Potential "-oil humps demand" in the second half of the year have been eliminated, said Dan Morrison, Managing Director and senior analyst of exploration and production in Global Securities Hunter.

"The Greek debt crisis seems to continue to move slowly towards a free resolution of default and points of modestly positive economic news to a continued modest economic growth", he said.

/Conga/story/2011/07/trading-strategies.html 155063

"The market is also looking at seasonal peak in January and has concerns about the availability of reserve capacity to respond to this", he said.

Portugal is in high demand, reduce the cost of sale of debt (AP)

Lisbon, Portugal - Portugal highlighted raised debt euro750 million ($1 billion) in a sale of bonds, on Wednesday, with a lower rate of interest and demand reflecting an easing of tension on the financial difficulties of the country.

Results boosted confidence in markets, although many analysts expect Portugal to finally get a rescue plan as the Greece and the Ireland, despite the insistence of the Government, that he did not need help.

Debt agency said that the yield on the invoices of 12 months is 4.03 percent, down sharply from 5.28% on the same bill last month. The application was three times the amount of the offer.

The country has experienced no difficulty in raising funds for the moment, despite the concern of its debt burden and lean growth. Portugal must raise euro20 billion financial markets this year.

The fall in the cost of the financing of the Portugal is another good news for the minority Government, which is scrambling to finance the country on an even keel in the middle of nervousness on the financial strength of the largest euro area.

Secretary of State for cash, Carlos Costa Pina, stated that the sale has shown that the Portugal efforts bear fruit.

"This is an encouraging signal for us because it reflects the efforts of the Government towards budgetary consolidation are recognized," he told journalists.

European leaders are willing to avoid contagion of the market, particularly in much larger of Spain, which would be much more expensive to save.

Nations euro 17 meeting in Brussels earlier this week, the Ministers discussed stimulate the size and region bailout Fund powers as block attempts to reach a solution more complete in the debt crisis. Final decisions are expected in the coming months.

Portugal last week raised euro1.25 billion in bonds maturing in 2014 to 2020. Performance of binding of 2020 a dove 6.716% 6.806% the last time that the Government has tapped investors in November, raising hopes, is to restore the confidence of investors with its program of austerity of pay cuts and tax hikes.

Yet, the result of the sale of bill on Wednesday highlighted how the financial difficulties of the Portugal expanded last year — 12 months ago, the rate of interest on its invoices of 12 months was 0.93%.

"This is no a source of great celebration, but the fact that the State has been able to place the amount he wanted and that it is still the market demand provides a space for breath before the next phase of crisis, Filipe Silva, a manager of Banco Carregosa, debt has.".

Moody's Investor Services has warned that it may cut its A1 rating on the Portugal, while ratings Services Standard & Poor is also considering a downgrade.

Investors are worried about prospects for growth, Portugal with most forecasts predict that the economy slide into a recession this year.