Futures Market News
Crude oil futures flat to negative on Monday
Aug 16, 2010 02:19 PM
Crude oil futures dropped on Monday, as the last full week of August brought further depressing economic news. The Japanese economy grew by a far smaller amount than economists had projected in the second quarter, increasing just 0.4 percent instead of 2.3 percent.
That sluggish pace meant China overtook the island nation as the world's second largest economy. China already passed the U.S. as the world's largest consumer of energy earlier in the year.
To many, the poor figures out of Japan presaged deflation, flat growth or even a double-dip recession, and they backed away from risky assets accordingly.
On the IntercontinentalExchange, West Texas Intermediate light, sweet crude oil futures for September delivery dropped 0.22 percent to $75.22 per barrel.
The situation remains volatile and complex on an international scale, with the bears steadily taking the upper hand as economic data fail to assuage anyone's spirits.
"The market is really focused on both of these things, not just the dollar, not just the stock market," Phil Flynn, an oil analyst at PFGBest, told the Wall Street Journal. "For today, the dollar has taken a more dominant role, but it slips back and forth."
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