Oil Prices Hit 8-Month Low on Poor US Retail Sales

Jun 14, 2012

Crude oil prices fall to an 8-month low after US retail sales figures were released showing poor results. There was also a decline in EuroZone production.

The US Commerce Department released May’s retail sales data showing a decrease for the 2nd straight month. European Union data also showed a 1% decline in manufacturing.

This contributed to considerable volatility in the crude oil markets as traders are closely following the Organization of Petroleum Exporting Countries (OPEC) meeting tomorrow, however analysts believe OPEC will keep the same oil output rates.

Crude Oil July futures dropped $0.70 to $82.62 per barrel — the lowest since October 6, 2011 and down 16% in 2012.

Brent Oil August futures dropped $0.29 to $96.68 per barrel.

 




Similar Articles:

  1. Oil Prices Drop to 8-Month Low as US Unemployment Rises
  2. Oil Falls to 7-Month Low on Weak Euro
  3. Venezuela’s Chavez Wants High Oil Prices
  4. Brent Crude Oil in May – Worst Month Since 2008
  5. Gold and Silver Prices Fall On Bad PMI Results

Language: