Oil prices drop as weak China data and stronger dollar drag

mentalfloss

mentalfloss

Prickly Curmudgeon Smiter
Jun 28, 2010
39,778
454
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What kind of idiot would have ever bet on oil.

Oh yea...




Oil prices drop as weak China data and stronger dollar drag

LONDON (Reuters) - Oil prices fell on Tuesday on concerns about the pace of economic growth in China and a stronger U.S. dollar, handing back some of the gains triggered by an escalation of tensions in the Middle East.

Global benchmark Brent crude prices were down 61 cents at $36.61 a barrel at 1503 GMT. U.S. West Texas Intermediate (WTI) crude slipped 40 cents to $36.36.

"It is the Chinese stock market sell-off and the strong dollar that are pressuring oil," said Tamas Varga, oil analyst at London brokerage PVM Oil Associates.

Chinese stock markets fell again on Tuesday after a 7 percent dive on Monday, rattling markets worldwide and prompting action from the central bank and stock market regulator.

Concerns about the economy in China, the world's second-largest oil consumer, were worsened by news that national rail freight volumes logged their biggest ever annual decline in 2015.

"Last year we talked about supply and demand even surprised on the upside. But with this news flow from China, demand fears have come back," said Frank Klumpp, oil analyst at Stuttgart-based Landesbank Baden-Wuerttemberg.

Oil slides towards 11-year low as traders shrug off Mideast tensions
 
damngrumpy

damngrumpy

Executive Branch Member
Mar 16, 2005
9,949
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kelowna bc
What gets me is the wonderful companies that are whining in Alberta
are subsidiaries or the same companies that are buying oil from the
Saudis and importing it because its cheap. It is time to look at our trade
laws then. Here is a case where imported oil could be curtailed and we
if we had the infrastructure of an east west pipeline we could produce
our own product and ship it to Canadian customers at higher prices.
If we knew we were contributing to our own economy we would be at
least willing ot pay a little more.

 
C

Curious Cdn

Hall of Fame Member
Feb 22, 2015
37,070
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Yeah. You'd think that he's make a couple of calls ... you know ... and make the price of oil go back up, again. Who's side is he on, anyway?
 
IdRatherBeSkiing

IdRatherBeSkiing

Satelitte Radio Addict
May 28, 2007
14,614
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Toronto, ON
Curious Cdn said:
Yeah. You'd think that he's make a couple of calls ... you know ... and make the price of oil go back up, again. Who's side is he on, anyway?
Click to expand...

I was strongly told that the price of oil going down was clearly Harper's doing. So now the new PM should have the same power.
 
C

Curious Cdn

Hall of Fame Member
Feb 22, 2015
37,070
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IdRatherBeSkiing said:
I was strongly told that the price of oil going down was clearly Harper's doing. So now the new PM should have the same power.
Click to expand...

Yes, yes. The biggest wampeter of all is when one of our Federal Finance Ministers thinks/says that they can change the course of the Canadian economy. In truth, we just wash in and out with the tide, like Nemo, no matter how well we claim that are can swim.
 
petros

petros

The Central Scrutinizer
Nov 21, 2008
109,348
11,418
113
Low Earth Orbit
captain morgan said:
Need a big ole gas guzzler to haul my gas guzzling snow machines

Click to expand...

Having a kickass F150 is great but its even better when you have one of these as your big city back up.



The 4.0 is like having an F150 with a big block. My wife doesn't know it is hers when I get home.
 
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Walter

Walter

Hall of Fame Member
Jan 28, 2007
34,843
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Poor Analfloss is going to have to change his jeans so often during the next four years till Justine is kicked from orifice.

 
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