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28-Nov2012

Crude prices end lower for the second consecutive day

Crude prices extended their decline for the second straight day on demand concern after the Organization for Economic Co-operation and Development (OECD) cut its global growth forecast and said that failure to prevent the so-called fiscal cliff in the US would increase the risk of a global recession. On the same time there was some support for the crude on few upbeat US macroeconomic data and the eurozone deal to the Greek imbroglio that prevented any sharp drop.

Benchmark crude for January delivery shed $0.56 or 0.6 percent to close at $87.18 a barrel after trading in a range of $88.25 and $86.83 on the New York Mercantile Exchange. In London, Brent crude for January delivery settled at $109.87 per barrel, down 1 percent on the ICE.


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