Oil Heads for Weekly Decline on Signs of Slow Demand Recovery - Bloomberg

Feb. 26 (Bloomberg) -- Crude oil is headed for its firstweekly decline in three on signs slow economic recovery in theU.S. and Europe will limit growth in world energy demand.

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Oil slumped 2.3 percent yesterday, its biggest decline inalmost three weeks, after reports showed U.S. first-timeunemployment claims unexpectedly rose last week and durablegoods orders excluding transportation dropped in January. OPEC production averaged 29.17 million barrels a day this month, a14-month high, according to a Bloomberg News survey. “There’s a lot of expectation priced in” to oil at themoment, said David Moore , commodity strategist with CommonwealthBank of Australia in Sydney. “Strictly speaking, the currentlevel of oil demand doesn’t actually warrant where prices noware.” Crude oil for April delivery traded at $78.39 a barrel, up20 cents, in after-hours electronic trading on the New YorkMercantile Exchange at 9:16 a.m. in Singapore. It’s down 1.8percent this week.

Full Story: Oil Heads for Weekly Decline on Signs of Slow Demand Recovery - Bloomberg