Friday, September 18, 2009

NYMEX-Crude edges down towards $72 as equities dip

NYMEX-Crude edges down towards $72 as equities dip
TOKYO - U.S. crude futures inched down towards $72 a barrel on Friday, adding to slight losses from the previous day when a fall in U.S. equities offset solid economic data in the world's largest oil consuming nation to weaken prices.

FUNDAMENTALS
NYMEX crude for October delivery CLc1 was down 11 cents at $72.36 a barrel by 0007 GMT, after settling down 4 cents on Thursday, when prices slipped as Wall Street closed down after a three-day runup on concern recent gains were overextended.

Oil has tracked equities markets closely in recent months as dealers look to stocks as a leading indicator of an economic recovery that could boost ailing energy demand. (Reuters)
http://in.reuters.com/article/oilRpt/idINT33055220090918?sp=true

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