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Home / Futures Blog / Decreased growth in Japan, U.S. push down oil futures

Decreased growth in Japan, U.S. push down oil futures

April 11, 2011 by Daniels Trading

Brent crude oil futures slipped after growth forecasts for the U.S. and Japan were slashed by the International Monetary Fund, Bloomberg reports.

The U.S. economy will grow slower this year than it did last year, according to the IMF. The driver of that forecast is the unemployment rate being higher than 8 percent while consumer confidence is dropping. The growth rate in Japan, meanwhile, slipped from 1.6 percent to 1.4 percent, largely because of the March 11 earthquake, subsequent tsunami and fallout from both natural disasters.

The IMF "clearly engendered some downward price pressure across a number of financial markets, including crude oil," Jason Schenker, president of energy advisory firm Prestige Economics in Texas, told the news service. "We're looking at pretty solid global growth, it's just a deceleration of growth."

Shortly prior to 3:45 p.m. on Monday, Brent crude oil futures were down 2.32 percent, a $2.94 reduction to $123.71 per barrel.

Ongoing strife in Libya and a proposed pact presented to leader Muammar Gadhafi also will impact the commodity.

"The markets came off a bit, but it's unclear as to whether this agreement is going to happen," Tom Bentz, a broker with BNP Paribas Commodity Futures in New York, told Bloomberg. "We're going to need to see an end to some of the violence in Libya before paying attention to other things."

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This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

About Daniels Trading

Daniels Trading is an independent futures brokerage firm located in the heart of Chicago’s financial district. Established by renowned commodity trader Andy Daniels in 1995, Daniels Trading is built on a culture of trust committed to the firm’s mission of Independence, Objectivity and Reliability.

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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