City Index (http://www.cityindex.co.uk/), a global leader in financial spread betting and CFD trading, release daily news updates to keep trader’s informed in the market developments. Today they look at the price of crude oil.
Greater London, England -- (SBWIRE) -- 04/26/2011 -- Oil prices have been pushed lower on speculation that the recent value advances made by the commodity were "excessive".
News of retreating gasoline supplies in the US helped to rally oil prices during commodities trading.
But according to Bloomberg, the prices witnessed during recent trading may have not been justified following an International Energy Agency report showing oil demand is slowing.
As a result of such speculation, crude oil prices in New York almost reached a two-week low today (April 14th).
Crude for May delivery tumbled to $105.77 (£65) a barrel on the New York Mercantile Exchange, but edged to $106 as of 13:41 BST.
The news resource added that Brent oil for May settlement fell by 77 cents to $122.11 a barrel on the ICE Futures Europe exchange.
Furthermore, oil prices declined after the latest employment statistics were published by the US Labor Department, which revealed for the week ending April 9th, initial unemployment insurance claims were up by 27,000 on the previous week.
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