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Crude Oil Falls From Two-Week High as Reports Show Slower U.S. Expansion
By Margot Habiby and Mark Shenk - May 26, 2011 9:17 AM PT
http://www.bloomberg.com/news/2011-...igh-as-reports-show-slower-u-s-expansion.html
Crude oil fell from a two-week high as the U.S. economy grew less than forecast in the first quarter, a signal that fuel demand may struggle to recover.
Futures tumbled as much as 1.7 percent after the Commerce Department reported that gross domestic product in the worldâs largest oil-consuming country grew at a 1.8 percent annual rate in the first quarter, less than the 2.2 percent expansion forecast in a Bloomberg News survey of economists. Initial jobless claims unexpectedly rose last week.
âItâs getting harder and harder for the energy markets to ignore the economic backdrop,â said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. âTodayâs GDP number showed that growth is slowing, which underscores the poor economic data of the last few weeks.â
Crude oil for July delivery fell $1.18, or 1.2 percent, to $100.14 a barrel at 11:45 a.m.
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Oil in New York, heading for the first monthly decline since August, has rebounded from its<b> Fibonacci support near $95 a barrel, a level based on weekly price swings over the past year, according to Stephanie Aymes, a technical analyst at Societe Generale SA. Crude will probably continue to trade âsidewaysâ in coming weeks before climbing to $106 a barrel, the next Fibonacci retracement level, she said.</b>
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Crude Oil Falls From Two-Week High as Reports Show Slower U.S. Expansion
By Margot Habiby and Mark Shenk - May 26, 2011 9:17 AM PT
http://www.bloomberg.com/news/2011-...igh-as-reports-show-slower-u-s-expansion.html
Crude oil fell from a two-week high as the U.S. economy grew less than forecast in the first quarter, a signal that fuel demand may struggle to recover.
Futures tumbled as much as 1.7 percent after the Commerce Department reported that gross domestic product in the worldâs largest oil-consuming country grew at a 1.8 percent annual rate in the first quarter, less than the 2.2 percent expansion forecast in a Bloomberg News survey of economists. Initial jobless claims unexpectedly rose last week.
âItâs getting harder and harder for the energy markets to ignore the economic backdrop,â said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund that focuses on energy. âTodayâs GDP number showed that growth is slowing, which underscores the poor economic data of the last few weeks.â
Crude oil for July delivery fell $1.18, or 1.2 percent, to $100.14 a barrel at 11:45 a.m.
---
Oil in New York, heading for the first monthly decline since August, has rebounded from its<b> Fibonacci support near $95 a barrel, a level based on weekly price swings over the past year, according to Stephanie Aymes, a technical analyst at Societe Generale SA. Crude will probably continue to trade âsidewaysâ in coming weeks before climbing to $106 a barrel, the next Fibonacci retracement level, she said.</b>
Patience Patience