Crude Oil May Fall on Economy as Storm Passes, Survey Shows - San Francisco Chronicle

Sept. 2 (Bloomberg) -- Oil may fall next week after a storm threatening Gulf of Mexico energy installations dissipates and on concern that the global economic recovery is slowing, a Bloomberg News survey showed.

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Fifteen of 30 analysts, or 50 percent, forecast oil will decline through Sept. 9. Ten respondents, or 33 percent, predicted prices will increase and five estimated there will be little change during the period. Last week 50 percent of surveyed analysts projected a drop.

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Crude traded near a one-month high in New York yesterday as a depression in the Gulf of Mexico that became Tropical Storm Lee today led energy companies to evacuate platforms and rigs. A Chinese manufacturing index hovered near its lowest point in 29 months in August, the China Federation of Logistics and Purchasing said yesterday. President Barack Obama will outline a plan for jobs growth in an address Sept. 8.

Crude Oil May Fall on Economy as Storm Passes, Survey Shows - San Francisco Chronicle