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Jumat, 19 Agustus 2011

US crude oil prices dive nearly 6 pc on demand fears - The Economic Times

NEW YORK: US crude oil prices sank nearly six percent Thursday after a fresh plunge in global stock markets, as traders fretted over warnings about a new vicious recession that could slam demand for energy.

New York's main contract, West Texas Intermediate (WTI) crude for delivery in September, lost $5.20 to $82.38 a barrel.

In London, Brent North Sea crude for October delivery dropped $3.61 to $106.99 a barrel.

The price drops came after Morgan Stanley issued a report Thursday that said the United States and Europe are dangerously close to recession and that growth in the big emerging economies would be slower than it earlier forecast.

"We are seeing a very diminished demand picture," said oil specialist John Kilduff at Again Capital.

"You're seeing a considerable shift away from the outlook that the economy is going to grow in the second half and next year."

"Crude oil prices have been under pressure amid ongoing concerns about lack of US oil demand," said Myrto Sokou at the Sucden brokerage in London.

"Following the gloomy macroeconomic picture and the recent big builds in oil supplies, we expect crude oil prices to extend recent losses, with potential for WTI to retest the $75-80 level in the coming weeks."

The growth picture was also hurt by poor to outright gloomy US economic data on jobs, inflation, housing sales and regional manufacturing released during the day.

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