20.07.2015 - Global growth outlook spooks crude oil
After threatening to spiral upwards, crude oil prices have started to fall again. After registering a multi-year low at $42 in mid-March this year, WTI (West Texas Intermediate) crude oil prices on the Nymex began to head northwards. In a short span time of seven weeks, the commodity had appreciated 48 per cent to mark a high at $62.5 on May 6. However, it has since failed to sustain its upward momentum and resumed its decline. Crude oil has now closed on a negative note for the third consecutive week, falling below a key technical support at $54. Financial factors such as the strong appreciation in the US dollar against major currencies, the global commodity rout due to lower Chinese growth, continued benign interest rates in the US and monetary easing in other regions have played a role in the renewed pressure on oil prices...............................................Full Article: Source
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