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Oil Prices Fell Sharply By 3.3%&Nbsp; The Market Was Filled With Worries About Demand.

2011/4/13 14:10:00 59

Crude oil futures fell sharply on Tuesday, as forecasters agreed that high oil prices are hurting demand and dragging global economic growth.

The New York Mercantile Exchange's May light crude oil futures clearing price fell 3.67 U.S. dollars to 106.25 U.S. dollars per barrel, or 3.3%, down nearly 6% from its two-and-a-half high last Friday.

ICE futures exchange Brent crude futures fell $3.06 to $120.92 a barrel.

International Energy Agency (IEA) says there are already signs of high.

oil price

Demand is being suppressed.

Organization of Petroleum Exporting Countries (OPEC) released its 2011 oil demand forecast in a report released on Tuesday.

In addition, Saudi Arabia has cut its recent 500000 barrels of oil per day due to sluggish demand.

Goldman Sachs's research heightened investor concerns.

Goldman Sachs suggested selling a basket of commodities, while pointing to initial signs of oil demand being suppressed.

Goldman Sachs expects the Brent crude futures to return sharply to nearly US $20 in the coming months.

U.S.A

retail

Petrol prices are pushing into the key psychological position of $4 a gallon, and oil analysts are increasingly concerned that rising oil prices will start to affect people's driving habits and drag down the economic recovery.

In May, the RBOB gasoline futures contract settlement price fell 3.64 cents to 3.1641 dollars per gallon.

In May, heating oil futures fell 7.99 cents to 3.1726 dollars per gallon.

Analysts who accept the Dow Jones Newswires survey expect the US

energy

The data released on Wednesday (Energy Department) will show an increase of 1 million 100 thousand barrels of crude oil inventories.

Gasoline stocks dropped by 700 thousand barrels, while distillate stocks remained flat.

The American Petroleum Institute is expected to publish similar inventory data on Tuesday night.