Barbara
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Oil barely moved on concern of slow growth - 2008/09/10 20:16
Hi guys! Though Oil is not my favorite commodity, it is very interesting watching its sharp movements.
Crude oil was little changed in New York, paring earlier gains, on concerns slowing economic growth will trim oil demand.
Oil prices retreated after the European Commission cut its growth estimate for the euro area this year and the International Energy Agency reduced its forecast for global oil demand in 2008 and 2009 as high prices reduce U.S. consumption. Oil rose earlier after OPEC agreed to limit production levels.
Crude oil for October traded at 103.23 a barrel, down 3 cents, or 0.03 percent, on the New York Mercantile Exchange at 1:30 p.m. London time. It earlier rose as much as $1.56 to $104.82.
Oil has fallen about 30 percent from a record $147.27 a barrel on July 11 as high prices and slowing global economic growth reduced demand for fuels. Crude in New York yesterday reached its lowest level since April 2, while Brent oil traded in London fell as low as $99 a barrel.
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