Oil drops below USD 84 on dull statistics

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Source: Marketwatch
Crude oil fell below USD 84 per barrel as the recent statistics on European, U.S. and Chinese economies ruined hopes for higher demand for energy. Light, sweet crude oil futures for July delivery lost 3.6% to USD 83.41. A decline for the week reached around 8%. The United States gained just 69,000 jobs in May, the most modest improvement in a year, while the expectations were as high as 165,000 jobs increase. The ISM Manufacturing PMI plummeted to 53.5 from April's 54.8, although the analysts' forecast was 54.0. On Thursday China Federation of Logistics and Purchasing reported a weaker-than-expected Manufacturing PMI in May; it stands at 50.4 indicating worsening conditions. European PMI fell to 45.1 from 45.9 in April. Despite, severe economic conditions, Tariq Zahir of Tyche Capital Advisors thinks that oil prices should bounce back.

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Fri, 01 Jun 2012 21:16:10 GMT

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Fri, 01 Jun 2012 18:29:10 GMT

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