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Tuesday, July 31, 2012

Crude oil futures down august 1 2012

Crude oil futures down august 1 2012 : Crude oil futures fell in Asian trading on Wednesday as investors sold on sentiment that the Federal Reserve might not announce plans to stimulate the U.S. economy when a policy meeting wraps up later Wednesday.

The European Central Bank is due to address policy on Thursday and talk it might unveil a rather guarded policy response to battle the debt crisis further sent oil falling.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September traded at USD87.67 a barrel on Wednesday, down 0.44%, off from a session high of USD87.88 and up from an earlier session low of USD87.66.

Slumping economic growth rates, dismal monthly jobs reports and sluggish consumer spending figures may prompt the Fed to roll out a new round of bond purchases from banks, a monetary stimulus tool known as quantitative easing that weakens the dollar to spur recovery and hiring.

The China Logistics Information Center reported Wednesday that its Chinese Manufacturing PMI rose to an annual rate of 50.10 in July, from 50.20 in June.

Analysts had expected the figure to rise to 50.30 last month. The numbers show that while Chinese factory output may be expanding, orders from the country's manufacturing base slowed last month.

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