Crude oil tumbled below $58 a barrel pressured by weak global demand and by gains in the U.S. dollar againstthe euro. The U.S. dollar was slightly up against a basket of major currencies, having risen earlier following weakGerman economic data. On the other hand, European data shows worse than expected first quarter GDP, andthat's bearish, particularly for distillate as that is the biggest market for those products. The International EnergyAgency said world oil demand this year will post the sharpest annual decline since 1981 as the economystruggles to bounce back. Demand will contract by 2.56 million barrels per day (bpd) in 2009, the IEA, whichadvises 28 industrialized countries, said in a monthly report. Nigerian militants have hijacked two cargo ships inthe Niger Delta and given oil companies until Saturday to evacuate staff, warning they would attack helicoptersand planes after the deadline, after heavy clashes with the military.
Crude oil tumbled below $57 a barrel pressured by weak global demand
Crude oil tumbled below $58 a barrel pressured by
Crude oil tumbled below $58 a barrel pressured by weak global demand and by gains in the U.S. dollar againstthe euro. The U.S. dollar was slightly up against a basket of major currencies, having risen earlier following weakGerman economic data. On the other hand, European data shows worse than expected first quarter GDP, andthat's bearish, particularly for distillate as that is the biggest market for those products. The International EnergyAgency said world oil demand this year will post the sharpest annual decline since 1981 as the economystruggles to bounce back. Demand will contract by 2.56 million barrels per day (bpd) in 2009, the IEA, whichadvises 28 industrialized countries, said in a monthly report. Nigerian militants have hijacked two cargo ships inthe Niger Delta and given oil companies until Saturday to evacuate staff, warning they would attack helicoptersand planes after the deadline, after heavy clashes with the military.
Crude oil tumbled below $58 a barrel pressured by weak global demand and by gains in the U.S. dollar againstthe euro. The U.S. dollar was slightly up against a basket of major currencies, having risen earlier following weakGerman economic data. On the other hand, European data shows worse than expected first quarter GDP, andthat's bearish, particularly for distillate as that is the biggest market for those products. The International EnergyAgency said world oil demand this year will post the sharpest annual decline since 1981 as the economystruggles to bounce back. Demand will contract by 2.56 million barrels per day (bpd) in 2009, the IEA, whichadvises 28 industrialized countries, said in a monthly report. Nigerian militants have hijacked two cargo ships inthe Niger Delta and given oil companies until Saturday to evacuate staff, warning they would attack helicoptersand planes after the deadline, after heavy clashes with the military.
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