Oil fell for a second day in New York after China said its economy grew at the slowest pace in two years and U.S. crude stockpiles were forecast to increase.
Futures dropped as much as 1 percent, extending yesterday’s 0.5 percent decline, after China’s statistics bureau said the economy grew at 9.1 percent in the third quarter, less than predicted. An Energy Department report tomorrow may show U.S. crude inventories climbed for a second week, according to a Bloomberg News survey. Technical indicators indicate prices may have advanced too fast to be sustainable.
Oil Drops For a Second Day After China's Economy Grows Slowest Since 2009 - Bloomberg
Futures dropped as much as 1 percent, extending yesterday’s 0.5 percent decline, after China’s statistics bureau said the economy grew at 9.1 percent in the third quarter, less than predicted. An Energy Department report tomorrow may show U.S. crude inventories climbed for a second week, according to a Bloomberg News survey. Technical indicators indicate prices may have advanced too fast to be sustainable.
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Crude for November delivery fell as much as 83 cents to $85.55 a barrel in electronic trading on the New York Mercantile Exchange . It was at $85.76 at 8:53 a.m. London time. Yesterday, the contract lost 42 cents to $86.38, the lowest settlement since Oct. 13. Prices are down 5.8 percent this year.Oil Drops For a Second Day After China's Economy Grows Slowest Since 2009 - Bloomberg
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