Crude Oil Declines on Global Economic Worries

Crude oil futures declined on Tuesday fell to their lowest in last two weeks in reaction to rising concerns over slow recovery in global economy. Moreover, a warning over possible Greece’s default by trade group disappointed investors further weakening the demand of commodities. As the reduced growth target by China wasn’t enough to shake the markets, an international banking group, Institute for International Finance issued a warning that Greece could end up in default causing the damage of at least 1 trillion euros to the euro zone’s economy.

Oil analyst, Hamza Khan from Schork Group commented, “Such concerns, however, are already priced in, We need something more concrete if oil prices are going to go up based on it.”

Crude oil futures for April delivery fell 1.9 percent or $2.02 to settle at $104.70 per barrel on the New York Mercantile Exchange which has its lowest since February 17th, 2012. Crude oil is however up 5.9 percent for the year till now but has declined 2.2 percent in the current month.

Among other commodities, gasoline futures for April delivery fell 0.9 percent or $0.03 to settle at $3.23 per gallon while heating oil futures for the same month delivery declined 0.9 percent or $0.03 to $3.19 per gallon.

Natural gas futures for April slightly gained to $2.36 per million British thermal units on NYMEX.

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