After watching the oil futures trading market rise over the last few weeks, it has once again plummeted as BP (NYSE:BP) is still uncertain on their final bottom kill attempt. This once again leads to much uncertainty for oil futures.
Oil futures traded at their lowest in a month. The primary concern is that the recovery isn't durable enough to bring down the excessive fuel inventories in the U.S. Yesterday in New York, oil futures dropped 35 cents or 0.5 percent to $75.42, this is the lowest since August 16th.
Crude oil for September delivery declined 29 cents or 0.9 percent to $75.13 a barrel.
The crude oil stockpiles lost 818,000 barrels to 354.2 million barrels, according to the Energy Department. A Bloomsberg News Survey showed it was expected to lose almost 1 million barrels.
Hussein Allidina, head of commodities research at Morgan Stanley said, that the economic growth in China as well as other emerging markets will push crude up to over $100 a barrel by next year.
whats bloomsberg?
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