Oil Falls to Lowest Since June as U.S. Growth, Fuel Demand Slow

BY

Crude oil fell for a fourth day, reaching a two-month low, after U.S. reports showed economic growth is slowing and gasoline demand is waning with the end of the summer driving season.

Gasoline consumption dropped last week in the U.S., posting the biggest decline since April, the U.S. Energy Department said yesterday. Signs of slowing economic growth announced by the government yesterday included a plunge in housing starts to the lowest in almost two years.

The U.S. economic growth is slowing a little bit, pushing demand for oil down, the market fundamentals are bearish now.

Crude oil for September delivery fell as much as $1.23, or 1.7 percent, to $70.66 a barrel on the New York Mercantile Exchange, the lowest since June 26. The contract traded at $70.75 at 12:18 p.m. in London.

Brent crude oil for October settlement fell as much as $1.56, or 2.1 percent, to $71.52 a barrel in trading on the ICE Futures exchange, the lowest price since June 28. The contract traded at $71.72 at 12:18 p.m. in London.

Oil also fell after a cease-fire in Lebanon halted fighting between Israel and Iran-supported Hezbollah, lessening concern that crude supply would be disrupted in the Middle East.

[ Last edited by BY on 2006-8-17 at 09:29 PM ]

雷文

在下今天也看過油圖，怕78美元是5浪頂而不是3浪頂來....

不過不管它是3浪還是5浪，油價在技術面是需要回調的，先看70美元，及後65美元都是重要支持!