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发帖数: 29846 | 1 Oil prices slide as worries about global supply glut mount
The slump in oil prices deepened Monday, pulling down the price of U.S.
crude to the lowest level in more than four months.
The move came as traders braced for softer demand amid an increase in the
number of active rigs and signs of weakness in U.S. construction spending
and manufacturing.
Benchmark U.S. crude fell $1.95, or 4.1 percent, to close at $45.17 a barrel
in New York. U.S. crude has been declining since reaching a high this year
of $61.43 a barrel on June 10. It's down 15 percent so far this year.
Brent crude, a benchmark for international oils used by many U.S. refineries
, was declined $2.69, or 5.2 percent, to $49.52 a barrel in London. It's
down 13.5 percent this year.
Several factors have put pressure on oil prices.
Oil production companies have been increasing the number of rigs they have
drilling for crude in recent weeks.
The number of rigs exploring for oil in the U.S. rose by five last week to
664, according to oilfield services company Baker Hughes Inc. All told, the
rig count has increased in four of the past five weeks.
That contributed to a 21 percent decline in the price of oil last month.
On Monday, a couple of economic reports weighed on oil prices, adding to
growing speculation that global demand is set to weaken.
The Institute of Purchasing Managers' manufacturing index slipped to 52.7
last month from 53.5 in June. The latest reading, which economists had
expected to remain unchanged from the previous month, signals that U.S.
factories were a little less busy in July.
Meanwhile, the Department of Commerce said construction spending rose just 0
.1 percent in June from a month earlier.
"Some of the economic numbers that came out today were not supportive of an
increase in demand," said Robert Yawger, director of energy futures at
Mizuho Securities USA. "It's a headline market and the headlines have all
been negative."
In other futures trading on the New York Mercantile Exchange, wholesale
gasoline fell 9.8 cents to $1.675 a gallon, heating oil fell 5.8 cents to $1
.531 a gallon and natural gas rose 3.2 cents to close at $2.748 per 1,000
cubic feet. |
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