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Oil Erases 2011’s Gains on Economy Concern

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Bloomberg
August 4, 2011

Crude oil wiped out all of its gains for 2011 and natural gas closed below $4 for the first time since March in New York as concern the global economy is weakening sent raw materials prices tumbling around the world.

Twenty-one of the 24 commodities on the Standard & Poor’s GSCI Index declined slipped as a rout in equities drove the Standard & Poor’s 500 Index to its worst nine-day slump since March 2009. Silver dropped 5.6 percent, gold retreated from a record and wheat slumped the most since June.

“There’s a lot of pessimistic news on the macro-economic front and that’s hitting commodities,” said Michael Wittner, the head of oil-market research at Societe Generale SA in New York and the fourth-most-accurate forecaster for West Texas Intermediate oil among 26 analysts ranked by Bloomberg in the past eight quarters. “If the economy continues to slow, demand for oil will take a hit.”

U.S. consumer confidence dropped last week to the lowest level in more than two months, paced by growing dissatisfaction among women and high earners, a report today showed. The Bloomberg Consumer Comfort Index was minus 47.6 in the period to July 31, the lowest level since May, compared with minus 46.8 the prior week.

Full story here.

This article was posted: Thursday, August 4, 2011 at 2:53 pm





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