Oil approaches longest weekly loss in 13 years

Source: Bloomberg
The price of crude oil declined for a second straight day sending the value closer to longest weekly loss since 1999. The drop was boosted by speculations that slowdown in world's biggest economies US and China may hurt demand for fuel. July Brent oil fell 1.5% or USD 1.49 to USD 98.44 per barrel. July crude lost USD 2.23 to USD 82.59 a barrel. Oil has given up 13% in 2012. 
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Fri, 08 Jun 2012 09:38:28 GMT

China's interest rate drop may backfire: Jim Walker

Jim Walker, Asianomics' Ltd. chief economist, believes that China's decision to decrease the lending as well as deposit percentage is a sign of a weakening economy and will not help to improve the current economic state. The economist indicates that the situation is more severe than the government initially expected and signifies that the global economy is going to face a slowdown. He added that

Fri, 08 Jun 2012 10:00:38 GMT

US consumer credit grows at a slow pace

US consumer credit rose slower than expected in April. According to a Federal Reserve report, consumer borrowing increased by $6.51billion to $2.551 trillion in March, thus expanding at a 3.1% annual rate. Concerns over deepening Eurozone's debt crisis and slow job creation in the US put under question consumer's willingness to spend. 

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