Arab Today, arab today us crude falls to near fiveweek low
Last Updated : GMT 22:28:13
Arab Today, arab today
Arab Today, arab today

US crude falls to near five-week low

Arab Today, arab today

Arab Today, arab today US crude falls to near five-week low

Washington - Arabstoday

US crude fell to near a five-week low on Wednesday after ratings agency Moody\'s assigned a negative outlook to the United States, stoking concern that demand may fall as the world\'s top oil user faces longer-term fiscal and economic challenges.Worries are growing that major economies may slip back into recession as Europe\'s debt crisis deepens and after global manufacturing data proved disappointing this week. The slowdown is having a direct impact on U.S. oil demand as consumer spending and gasoline use crumble. US crude fell 39 cents to $93.40 a barrel by 0353 GMT, after slipping to $93.08 on Tuesday, the lowest intraday price since June 29. Brent slid 41 cents to $116.05, about $11 below this year\'s peak above $127.Confirmation of a last-gasp deal among US politicians on Tuesday to avoid a US default brought little relief to global markets, as investors focused on the longer term challenges for the world\'s largest economy. Disappointing economic data also encouraged investors to reduce exposure to risk and seek the safe haven of the Swiss franc and gold.\"Even if the debt ceiling issue in the United States has been cleared, that is only successful in that it avoids a default,\" said Ken Hasegawa, a commodity derivatives manager at Japan\'s Newedge brokerage.\"The deficit is still a big problem and that is creating financial fear. People are decreasing gasoline consumption,\" Hasegawa said, adding that US oil may fall to below $90.Moody\'s Investors Service late on Tuesday confirmed its Aaa rating of US, citing the decision to raise the debt limit, but assigned a negative outlook that could pressure lawmakers to cut the deficit.The decision by Moody\'s came a few hours after rival Fitch Ratings upheld its AAA rating of the US Fitch also warned the world\'s largest economy must cut its debt burden to avoid a future downgrade.The greater need for fiscal discipline comes as the slowdown of the US economy intensifies. US consumer spending dropped in June for the first time in nearly two years and incomes barely rose, signs the economy lacked momentum as the second quarter drew to a close. The nation\'s retail gasoline demand fell 3.1 percent in the week to July 29 from a year earlier, as price gains since the beginning of July weighed on consumption, MasterCard said.Industry group the American Petroleum Institute on Tuesday said gasoline stocks jumped a bigger-than-expected 2.5 million barrels and distillate stocks rose in line with forecasts by 1.4 million barrels.US crude inventories unexpectedly fell 3.3 million barrels last week. Inventory statistics from the US government\'s Energy Information Administration will follow on Wednesday.Tuesday\'s data followed weak manufacturing readings a day earlier from the US, Europe and China and last week\'s disappointing second-quarter US GDP estimate, which reinforced fears that slowing economic growth threatens to dampen oil demand.In other markets, Asian stocks fell for a second successive day on Wednesday and the Swiss franc held hefty gains as renewed fears about the health of the global economy rattled financial markets.Europe\'s sovereign debt crisis also contributed to the gloom -- Italian bond yields hit their highest in the euro\'s 11-year lifetime on Tuesday. from / Arabian Business News

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us crude falls to near fiveweek low Arab Today, arab today us crude falls to near fiveweek low

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us crude falls to near fiveweek low Arab Today, arab today us crude falls to near fiveweek low

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday