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Crude Oil futures to drop next week: Survey
July 27, 2013
10:04 am
Harrey Martin
Forum Posts: 74
Member Since:
May 8, 2013

NEW YORK : West Texas Intermediate crude oil or WTI crude oil futures are poised to drop next week on concern that the US economy may face slowdown thereby curbing fuel demand, a Bloomberg survey result said.

Of the 38 analysts surveyed by Bloomberg News, 24 or 63% said that the futures would drop even as nine analysts predicted a gain and five of them said “no change”. The futures for September delivery closed at $104.63 a barrel on the Nymex on Friday.

The survey comes in lockstep with China slowdown fears as the economy there is about to adjust to idling of industry overcapacity by September and elimination of the same by the end of this year.

This made the futures of crude oil to drop yesterday on the Nymex by 0.7%. The equities too dropped.

The jobless claims in US climbed last week, even as Ben Bernanke said recently that the tapering of QE measures would depend on incoming job, inflation and to an extent housing data.

Read more:…..urvey.html

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