Oil Price Slides on Economic Growth Concerns in U.S. and China

With both China and the U.S. slowing down economically the price of oil has been sliding on a slippery path. As the two largest energy consuming countries curbed their demand for oil most people are not surprised at the longest losing streak that oil has seen for seven weeks.

The indicators for economic growth around the world have been sluggish as per Toby Hassal, a commodity analyst at CWA Global Markets Pty in Sydney. As global growth feeds fuel demand, the prices of crude oil have been dropping for the last four days consecutively.

Oil prices per barrel for crude oil on Thursday dropped to $74.70 in the New York Mercantile Exchange in electronic trading. For London based ICE Futures Europe Brent crude for August delivery dropped to $72.11 per barrel.

Oil prices are seen down by 8.4 percent this year. They have been fluctuating from $64 per barrel to $87 based on investor fears on the impact of Europe's debt and fiscal crisis on the global economic recovery.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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