New York - Crude oil fell on Thursday (09/27/2012) early this morning with the growing concerns over the European debt crisis.
Political tensions between the U.S. and its allies with Iran on its nuclear program development greatly influence the price of oil. Because it would suppress Crude supplies from the Middle East and Africa.
Markets were also influenced by Europe's debt problems especially the Spanish economy continued to slow. Currently, widespread anti-austerity in Madrid. Exchange rate of the euro continues to weaken against the U.S. dollar. It is depressing the price of dollar-denominated commodities such as oil and copper.
U.S. crude fell U.S. $ 1.3 to U.S.% 89.98 per barrel for November delivery. This level is below the average of 100 trading days in the U.S.% 90.2 per barrel.
For Brent trimmed 41 cents to U.S.% 110.04 per barrel in London. In the third quarter, Brent has risen 12 percent. While U.S. oil has gained 6 percent recorded in the third quarter.
Political tensions between the U.S. and its allies with Iran on its nuclear program development greatly influence the price of oil. Because it would suppress Crude supplies from the Middle East and Africa.
Markets were also influenced by Europe's debt problems especially the Spanish economy continued to slow. Currently, widespread anti-austerity in Madrid. Exchange rate of the euro continues to weaken against the U.S. dollar. It is depressing the price of dollar-denominated commodities such as oil and copper.
U.S. crude fell U.S. $ 1.3 to U.S.% 89.98 per barrel for November delivery. This level is below the average of 100 trading days in the U.S.% 90.2 per barrel.
For Brent trimmed 41 cents to U.S.% 110.04 per barrel in London. In the third quarter, Brent has risen 12 percent. While U.S. oil has gained 6 percent recorded in the third quarter.
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