Oil Trades Near Two-Day Low on U.S. Stockpiles, Europe Outlook

- October 17th, 2011

Bloomberg reported that Oil inched down on speculation that U.S. crude supplies surged last week and Europe’s consumption may lower as it struggles to contain its debt crisis.

Bloomberg reported that Oil inched down on speculation that U.S. crude supplies surged last week and Europe’s consumption may lower as it struggles to contain its debt crisis.

As quoted in the market news:

Crude stockpiles probably rose by 2 million barrels last week, according to the median of 9 analyst estimates in a Bloomberg News survey before the weekly Energy Department report tomorrow. All the respondents forecast and increase.

German Chancellor Angela Merkel said expectation that rescue plans to be announced at an Oct. 23 summit will speedily solve Europe’s problems were “dreams.” China may say today its economy grew more than 9 percent last quarter while an Energy Department report tomorrow may show U.S. stockpiles climbed for a second week, according to a Bloomberg News survey.“A negative dose of reality regarding a fast solution to Europe’s debt crisis weighed on sentiment,” Mark Pervan, Melbourne-based head of commodity research at Australia & New Zealand Banking Group Ltd., said in a note today. “Today, China’s data dump for September will be closely watched.”

Click here to read the full Bloomberg report

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