He oil falls for the second day in a row this Tuesday, April 18, since the optimists Chinese economic data They couldn’t divert attention from one possible rise in interest rates in the United States and a greater concern for the growth prospects.
The prices too they looked pressured due to the fact that the federal government of Iraq and the Kurdistan Regional Government (KRG) take a step towards resumption of oil exports north from the Turkish port of Ceyhan, after being interrupted last month.
The crude Brent was down 48 cents, or 0.6%, at $84.30 a barrel, while the West Texas Intermediate in the United States (WTI) subtracts 42 cents, or 0.5%, from $80.41.
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“The next step may depend on global growth and whether the economy weathers the recent storm, particularly in the US, where the credit crunch could significantly weigh on growth for the rest of the year,” he said. Craig Erlamfrom the OANDA brokerage in dialogue with Reuters, referring to the prospects for the price of oil.
In the first hours of the session, oil found support in the figures that showed that the Chinese economy grew by 4.5%,faster than expected in the first quarter and that the Oil refinery production hit record levels in March.
“Everything is in order in China, to the relief of those who bet on rising oil prices,” he said. Stephen Brennock, from the PVM brokerage.
Nevertheless, the prospect of a new rate hike in the United States, which has been supporting the dollar, remained a drag on sentiment. The operators expect the Federal Reserve raise rates by 25 basis points at its May meeting.
The dollar falls in the session, after previous advances. A stronger dollar makes US currency-denominated commodities more expensive for buyers of other currencies.
Source: Ambito
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