Crude continued below $ 50/bbl for a 3rd day

Crude continued below $ 50/bbl for a 3rd day after volatile New York trade on concerns that fuel demand will drop as outbreak curtails travel & delays a recovery from the global recession   

Swine Flue outbreak weighs on commodity universe as well. Crude continued below $ 50/bbl for a third day after volatile New York trade on concerns that fuel demand will drop as the outbreak curtails travel and delays a recovery from the global recession.

Crude Nymex June declines for 3rd day and settles down 0.5% at $ 49.92/bbl. WHO raises global alert to highest ever, says disease is not containable. Swine flu breakout may curtail travel, due to which airline stocks declined the world over. There are reports of decline in Asia air travel. US weekly inventory data will be released today may which show further increase in inventories. Near term range for crude is seen between $ 46-$ 52/bbl.

No related posts.