Crude prices declined for the fourth straight day on Friday,similar to the stocks. The crude suffered the biggest percentage loss in six weeks, on concern that the slowing economic recovery would grind down the oil demand. Though the US retail sales rebounded in July but that was less than expected and also the business inventories, showed an increase. The crude prices got a good start on news that euro zone gross domestic product grew at its fastest pace in more than three years in the second quarter but in latter trades the pessimism of US economy led the prices down.
Meanwhile,OPEC in its monthly report said that oil demand will continue to grow slowly in 2011, when world economic expansion is projected to be slightly lower than this year. It raised its 2010 forecast for global oil demand, by 100,000 bpd, to 85.50 million bpd.
Benchmark crude for September delivery settled down 35 cents, or 0.46 percent, at $75.39 a barrel on the New York Mercantile Exchange. In London September Brent crude ended down for the fourth day in a row, it fell 41 cents to settle at $75.11 a barrel on the ICE.
Crude prices end lower for the fourth straight day.
8/14/2010 01:20:00 PM
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