Oil dropped in price on the day, but flew in price over the past month
February 28, 2009 – 10:06 pm price of oil has fallen from 27 February due to a significant decline recorded in the U.S. economy in the past quarter. But, on the basis of the month was recorded good growth of quotations of futures.
As a result of trades on the NYMEX futures for April delivery mark WTI crude oil fell to $0.46, or 1%, Up to $44.76 a barrel. Nevertheless, for the past week the price of oil has risen nearly 12%.
The reason for the negative dynamics in the oil market have been on the U.S. GDP in the last quarter. Mintorgovli USA announced today that the U.S. GDP in the last quarter fell by 6.2%. According to preliminary data released in January, the decline was up 3.8%. The range of forecasts decline in GDP was between 6,1% and 3,8%.
These data have become the new evidence that the magnitude of the recession could be much greater than expected. Consequently, investors may believe that in the short term, energy demand may not recover.
In addition, the index of consumer confidence in the U.S. calculated the University of Michigan, fell in February 2009 to 56,3 in paragraph 61 , 2 points in January.
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