|News||Crude falls below $75 due to weak US figures and demand|
|Analysis||Crude fell below $75 per barrel due to weak US economic data and demand, as jobless claims witness a rise in the second largest energy consumer in the world.|
Crude today traded below $75 per barrel recording its highest around $74.95 and lowest around $74.57, while it currently is trading around $74.85 per barrel.
The black gold dropped by 8% in the past two weeks amid the sluggish global economic growth, where crude slightly managed to rebound on Tuesday but was followed by disappointment as US inventories showed lower than expected demand on crude.
Crude yesterday traded above $75 per barrel recording its highest around $76.44 and lowest around $74.30 per barrel, closing around $74.78 per barrel. It managed to lose $0.99, due to pessimism regarding the negative sentiment gripping markets where higher supply levels and weakened demand in US crude supplies, alongside a rise in jobless claims and weakened global economical growth.
Meanwhile, the US Labor Department yesterday showed that jobless claims have risen last week as the Feds stated that manufacturing activity within the mid-Atlantic area has receded in August; thus job scarcity is negatively affecting crude.
As for NYMEX as of 03:45 EST; motor gasoline rose to $193.550 per gallon to record $0.35; heating is trading around $200.850 per gallon gaining $0.39; whereas natural gasoline gained by $0.05 per 1000 cubic feet to record $4.173. In London, Brent futures added $0.35 to record $75.560.