Futures Market News
Crude oil futures tugged by slumping U.S., Chinese GDP
Apr 30, 2012 09:50 AM
The energy commodity also was under pressure as the sovereign debt crisis continue thrashing about the euro zone, undermining demand. The U.S. Commerce Department said last week that gross domestic product growth during the first quarter of 2012 was lower than that of the final quarter of last year. China also reported a slower gain in GDP during the first quarter of the year.
"The disappointing GDP data continued a trend of recent weeks in which economic releases have been tilting toward the bearish side," states a report authored by energy trader and consultant Ritterbusch and Associates. "This has conjured up images of further petroleum demand slippage especially when combined with slowed growth indications out of China."
At 7:53 a.m. on Monday, crude oil futures fell 0.44 percent, a 53 cent drop to $119.30 per barrel.
Bloomberg reports the economy of Spain shrank during the first quarter of the year as the nation enters its second recession in three years.
The price of oil is driving toward its first monthly losses in four months, according to Bloomberg.
Don’t Miss Our News Updates!
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Receive Your FREE Grain Futures eBook
Download “Inside the Grain & Oilseed Markets” today!
Whether you are new to the agricultural commodities industry or a seasoned trader, it is important to have a solid understanding of the markets to assist you and your trading strategies. From its unique specifications to its key fundamentals, learn how this important sector came to be.
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.