Jan. 26 (Bloomberg) -- Crude oil fell after South Koreasaid economic growth slowed and China’s stocks declined for athird day on concern the government will tighten credit growth.
Oil erased yesterday’s 1 percent gain as South Korea’seconomic growth eased in the three months through December tothe slowest in three quarters as exports, consumer demand andgovernment spending declined, the Bank of Korea said today. Areport tomorrow will probably show U.S. refiners cut operatingrates for a second week amid weak demand, according to aBloomberg News survey of analysts. “China tightening its monetary policy is sending asignal,” said Clarence Chu , a Singapore-based trader withoptions dealers Hudson Capital Energy. “Demand is growing, butnot as fast as previously expected.” Crude for March delivery fell as much as 94 cents, or 1.3percent, to $74.32 a barrel in after-hours electronic trading onthe New York Mercantile Exchange. It was at $74.36 a barrel at1:49 p.m. in Singapore. The contract climbed 72 cents to $75.26yesterday, its first gain in four days. Futures have fallen 6.1percent this year.
Full Story: Crude Oil Falls on Slower South Korean Growth, China Concern - Bloomberg
Oil erased yesterday’s 1 percent gain as South Korea’seconomic growth eased in the three months through December tothe slowest in three quarters as exports, consumer demand andgovernment spending declined, the Bank of Korea said today. Areport tomorrow will probably show U.S. refiners cut operatingrates for a second week amid weak demand, according to aBloomberg News survey of analysts. “China tightening its monetary policy is sending asignal,” said Clarence Chu , a Singapore-based trader withoptions dealers Hudson Capital Energy. “Demand is growing, butnot as fast as previously expected.” Crude for March delivery fell as much as 94 cents, or 1.3percent, to $74.32 a barrel in after-hours electronic trading onthe New York Mercantile Exchange. It was at $74.36 a barrel at1:49 p.m. in Singapore. The contract climbed 72 cents to $75.26yesterday, its first gain in four days. Futures have fallen 6.1percent this year.
Full Story: Crude Oil Falls on Slower South Korean Growth, China Concern - Bloomberg
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