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Oil falls on new signs of slowing global economy
Source: Agencies |
August 14, 2012, Tuesday
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THE price of oil fell yesterday on a new sign that Asian countries won't make up for slackened oil demand in Europe.
Japan says its economy grew less than expected during the second quarter. Consumer spending, which makes up more than half the nation's economic activity, fell, and export demand was anemic.
Economies in China, a huge importer of oil, India and other Asian countries also have slowed. That is worrisome because the Asia-Pacific region helped carry the global economy when the US and Europe began to slow.
The Japan news comes after the International Energy Agency last week cut its global oil demand forecast for the year, citing "a weak economic backdrop."
Benchmark oil fell 14 cents to finish at US$92.73 per barrel in New York. The drop mirrored a decline in US stock prices.
Brent crude, which is used to price international varieties of oil, rose 65 cents to end at US$113.60 per barrel in London.
Brent is likely getting support from traders concerned about supply disruptions from the Middle East because of the potential for a regional conflict. That could affect shipments through the Strait of Hormuz, through which about one-fifth of the world's oil travels.
Other futures prices on the New York Mercantile Exchange:
- Heating oil fell less than a penny to finish at US$3.02 per gallon.
- Gasoline fell 1.32 cents to end at US$2.99 per gallon.
- Natural gas fell 4 cents to finish at US$2.73 per 1,000 cubic feet.
Japan says its economy grew less than expected during the second quarter. Consumer spending, which makes up more than half the nation's economic activity, fell, and export demand was anemic.
Economies in China, a huge importer of oil, India and other Asian countries also have slowed. That is worrisome because the Asia-Pacific region helped carry the global economy when the US and Europe began to slow.
The Japan news comes after the International Energy Agency last week cut its global oil demand forecast for the year, citing "a weak economic backdrop."
Benchmark oil fell 14 cents to finish at US$92.73 per barrel in New York. The drop mirrored a decline in US stock prices.
Brent crude, which is used to price international varieties of oil, rose 65 cents to end at US$113.60 per barrel in London.
Brent is likely getting support from traders concerned about supply disruptions from the Middle East because of the potential for a regional conflict. That could affect shipments through the Strait of Hormuz, through which about one-fifth of the world's oil travels.
Other futures prices on the New York Mercantile Exchange:
- Heating oil fell less than a penny to finish at US$3.02 per gallon.
- Gasoline fell 1.32 cents to end at US$2.99 per gallon.
- Natural gas fell 4 cents to finish at US$2.73 per 1,000 cubic feet.
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