Oil slips after IMF predicts possible recession for worlds biggest economies

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Oil slips after IMF predicts possible recession for world’s biggest economies by News Staff Posted Oct 10, 2012 7:56 am MDT LONDON – The price of oil edged down toward US$92 a barrel on Wednesday amid gloomy forecasts for world economic growth.By early afternoon in Europe, benchmark West Texas Intermediate crude was down 28 cents at US$92.11 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $3.06 on Tuesday to finish at US$92.39 per barrel on concerns about supplies from the Middle East and the North Sea.In London, Brent crude, which is used to price international varieties of oil, fell 25 cents to US$114.25.The International Monetary Fund said Tuesday that the world’s advanced economies are at risk of recession, a development that would likely depress the consumption of energy. The IMF cut its forecast for global growth this year to 3.3 per cent from a forecast of 3.5 per cent issued in July.The Organization of Petroleum Exporting Countries left unchanged its estimate for growth in global oil demand in 2013. However, it said Wednesday that uncertainty over economic growth could cause it to lower those estimates in the future.Traders have also been watching developments in Syria for any signs of a disruption in supplies from the Middle East. Cross-border artillery exchanges with Turkey have heightened fears that the violence between government and opposition forces in Syria could escalate into a wider regional conflict.Oil analyst Stephen Schork said traders on Wednesday will be watching for the release of the U.S. Federal Reserve’s so-called Beige Book report on business conditions in the United States. The report is released eight times a year and is based on information that the Fed’s 12 regional banks gather from business contacts around the country.In other futures traded in New York: natural gas rose one cent to US$3.477 per 1,000 cubic feet, heating oil fell 0.6 of a cent to US$3.201 a U.S. gallon (3.79 litres) and wholesale gasoline rose 0.9 of a cent to US$2.968 a gallon.(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE) read more

US stock market slips in midday trading after discouraging news on Chinese

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email US stock market slips in midday trading after discouraging news on Chinese exports by The Associated Press Posted Mar 10, 2014 10:02 am MDT Traders gather at the post of specialist Patrick Kenny, right, on the floor of the New York Stock Exchange, March 7, 2014. THE CANADIAN PRESS/AP, Richard Drew U.S. stocks are moving lower in midday trading following disappointing economic news from China and Japan.The Standard & Poor’s 500 index fell five points, or 0.3 per cent, to 1,872 as of noon Eastern time Monday.The Dow Jones industrial average lost 76 points, or 0.5 per cent, to 16,375. The Nasdaq composite fell 11 points, or 0.3 per cent, to 4,324.Investors were discouraged by an 18 per cent slump in Chinese exports last month, the latest sign of trouble for the world’s second-largest economy. Japan lowered its estimate for fourth-quarter economic growth.In the U.S., Chiquita Brands jumped 12 per cent after announcing it had agreed to combine with an Irish fruit supply company.In bond trading, the yield on the 10-year Treasury note held steady at 2.79 per cent. read more