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Commodity Daily News
Crude Oil Slips Below $78 a Barrel
Thursday, 29 Oct 2009
Crude Oil fell more than $2 to below $77.20 a barrel on Wednesday, after data showed a surprise build in U.S. gasoline inventories, stirring fuel demand concerns in the giant consumer.
Oil prices also came under pressure after data showed sales of new U.S. homes tumbled unexpectedly in September, the first drop in six months, and feeding doubt about an economic recovery, thus helping the safe-haven USD rise; pushing oil prices lower.
Looking ahead, traders are advised to watch carefully the global stock markets and the major economic indicators which will be published from the U.S. and Euro-Zone in order to predict the next movements in oil prices.
