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© 2012 Infinity Trading Corp
August 3rd, 2012
Crude oil surged the most in a month after U.S. payrolls climbed more than estimated and service industries expanded at a faster pace, bolstering optimism about economic strength in the world’s biggest crude-consuming country.
Crude oil futures rose 4.9 percent as payrolls gained 163,000 in July, Labor Department figures showed today in Washington. The Institute for Supply Management’s non-manufacturing index unexpectedly gained. Tropical Storm Ernesto may grow into a hurricane this weekend, the U.S. National Hurricane Center said.
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June 21st, 2012
Nymex crude oil futures tumbled below $80 a barrel for the first time in eight months in New York as U.S. inventories surged amid concern that the European debt crisis will drag down the global economy, reducing fuel demand.
Oil futures dropped as much as 1.9 percent in New York to $79.92 a barrel, the lowest intraday level since Oct. 6. Prices have slumped 27 percent from this year’s settlement high as U.S. stockpiles rose to the most in almost 22 years and growth slowed in the U.S., Europe and China. Federal Reserve policy makers lowered the outlook for U.S. economic growth and employment, while a preliminary reading of Chinese manufacturing by HSBC Holdings Plc and Markit Economics pointed to a contraction for an eighth month.
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