Oil Prices Enter Seventh Day Of Decrease
The price for fuel continued sliding early Wednesday, for the seventh day in the row, due to lowered demand.
Stock markets Asia, New York and Europe started registering decreases, or slowed increases, prompting investors, the business community and analysts to start fearing a scenario where this is a double-dip crisis. The main theme, spurred by what is considered early stock market red flags, is that the financial deadlock might return.
Oil reversed earlier gains following a slump in the MSCI Asia-Pacific Index, writes Bloomberg, adding that China is faced with wider economic uncertainty helped by an increasingly complex context.
The MSCI Asia Pacific Index lost 0.7% to 113.06 by 15:49 Tokyo time, following increasing concerns over the United States’ slowed widening of the service industries.
Benchmark crude for August delivery was down 26 cents to $71.72 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 16 cents to settle at $71.98 on Tuesday, writes the Associated Press.
Furthermore, according to AP, analysts see crude oil stocks to drop by 3.5 million barrels, while gasoline and distillate stocks are expected to rise.
