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Friday, September 9, 2011

why oil prices will down sept 9 2011

why oil prices will down sept 9 2011 : Crude oil futures were down Friday as the euro slumped against the dollar and European stock markets fell on euro zone debt contagion worries and concerns the U.S. Federal Reserve is not doing enough to stimulate the U.S. economy.

Oil prices typically fall as the dollar strengthens as it makes the commodity more expensive for holders of other currencies.

U.S. President Barack Obama's $447 billion proposal in tax cuts and new spending to revive the U.S. economy wasn't enough to restore confidence to markets, even though the stimulus package was larger than analysts had expected.

Fears over economic growth in the U.S., the world's largest oil consumer, removed some of the support oil prices were receiving from a tropical storm in the Gulf of Mexico that potentially threatens some crude output.

the oil market is supporting prices in the long term despite fears over the economic situation in the U.S. and Europe.

Energy producers are monitoring tropical storm Nate, which could strengthen into a hurricane Friday or Saturday, according to the National Hurricane Center.

BP PLC (BP. BP.LN) has already evacuated non-essential personnel from three production platforms in the U.S. Gulf Thursday. Over a quarter of U.S. oil output is produced in the Gulf of Mexico.

For now, we see a relatively controlled slowdown on the [oil] demand and as long as supply continues to disappoint to a similar extent, prices will stay where they are for now. Brent crude is expected to end at $115 a barrel for the year, he added. Read oil prices forecast 2011-2012

At 1102 GMT, the ICE's gasoil contract for September delivery was down $17, or 1.8%, at $950 per metric ton, while Nymex gasoline for October delivery was 345 points lower at $2.8507 per gallon.

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