Crude Oil Futures Trade Near Week-Low

On July 28, 2014, in Crude Oil Futures News Report, by Infinity Trading
brent oil futures

brent oil futures

July 28th, 2014

West Texas Intermediate crude dropped for the fourth time in five days as economic data may signal slowing growth in the U.S., the world’s biggest oil consumer. Brent declined in London.

Crude oil futures fell as much as 0.8 percent to $101.27 a barrel in New York, extending a drop of 1 percent last week. A preliminary index of U.S. service industries is forecast to drop to 59.8 for July, a Bloomberg News survey showed before a report from Markit Economics today. The Federal Reserve is scheduled to review monetary policy at a two-day meeting starting tomorrow.

“Demand expectations are likely to remain weak and exert downward pressure in what is a big week for U.S. data,” said Michael Hewson, market analyst at London-based CMC Markets Plc. “Markets are expecting much more positive news out of the U.S. than is likely and this could well see U.S. prices slip back towards $100.”

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Ankur Varma, third officer on the oil tanker M/V Cotton, opened his cabin door at five minutes to midnight on July 14 to find two men pointing AK-47s at him.

“They just pushed me into the cabin with the guns in my chest and they told me to stay silent,” Varma said in a phone interview from India. “They were threatening, they were showing the guns, pointing at us. They took everything — everything that we had — including clothes, toiletries, electronics.”

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