WTI crude oil futures open Thursday’s trading session back near $109 a barrel as investors take profits, concerned that slowing US economic growth will undermine crude oil demand.
Latest WTI Oil Price
US Light crude oil futures for June 2011 delivery was trading at $109.06 a barrel, 08.30 GMT this morning in electronic trading on the NYMEX.
The US Institute for Supply Management said on Wednesday its service sector index rose at the slowest pace in eight months in April, while private payroll processor ADP reported that 179,000 new private sector jobs were added in April, far fewer than economists expected.
“US Employment seems unlikely to increase by as much as it needs to for sustainable economic growth. The major assets that have been the focus of investor buying for so long have lost some luster.” Cameron Hanover said in a report.
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WTI crude oil trading near $109 on US economy concerns
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