Oil Declines From One-Month High on Fuel Demand Concern |
| Bloomberg - Jul 4, 2012 |
Oil slid from the highest level in a month in New York as the dollar rose amid speculation that this week’s gains have been excessive because a global economic slowdown may curb demand.
Futures fell as much as 1.3 percent after Societe Generale SA cut its crude-price forecasts, citing ample supply and speculation that Europe’s debt crisis and an economic slowdown in China will curb investor demand for commodities. The dollar rose against the euro, making commodities less attractive as an alternative investment.
“Most commodities except natural gas are down today and it’s largely because the Dollar Index is up,” Jason Schenker, president of Prestige Economics LLC, an Austin, Texas-based energy consultant, said in a telephone interview. “Today’s markets, although the moves are not very significant, are being driven by commodity-currency arbitrage rather than fundamental data.”
Read Full Article from Bloomberg
- Posted: 2012-07-04 12:34:12
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