Oil futures closed lower this week and here’s an excerpt (full text) from Marketwatch’s story, which obviously is not written from the consumers point-of-view:
SAN FRANCISCO (MarketWatch) — Crude futures closed down 1.8% Friday, extending oil’s weekly losses to 4.8%, as worries continued that weak economic growth will reduce consumption.
“The exhibited selling pressure was a statement of acknowledgement of the adverse effect that high oil prices and credit market woes are having on the global economy,” said John Kilduff, an analyst at futures brokerage MF Global.
Crude oil for September delivery lost $2.23, or 1.8%, to $123.26 a barrel on the New York Mercantile Exchange. Crude has fallen seven out of nine sessions since it closed at a record high of $145.18 a barrel on July 14.
Investors were increasingly worried that an economic slowdown will dampen oil demand. Over the past four weeks, U.S. motor gasoline demand has averaged 9.3 million barrels per day, down by 2.4% from the same period last year, the Energy Information Administration reported Wednesday.
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