Black gold traded below $84 per barrel today as traders shift their focus onto the Chinese economy as investors' ponder over the rate of growth the economy will slow by next year as China continues the monetary tightening, dragging crude demand along with it; US markets reopen following Thursday's Thanksgiving Holiday.
Crude today hovers around $84 per barrel recording its highest around $84.19 and lowest around $83.39, while it currently trading around $83.70 per barrel.
US markets reopened today following yesterday's Thanksgiving holiday as trading volumes remained light with the early closing scheduled as well for today.
Moreover, the Chinese energy consumption this year has led to evident growth in demand on oil; although investors are jittery regarding current procedures set to contain inflation, which will destabilize the economic expansion since China's GDP growth is expected to slow down to range 8-9%.
Crude yesterday traded around $84 per barrel recording its highest around $84.50 and lowest around $83.43 per barrel, closing around $84.17 per barrel. Crude fell as the greenback fell amidst yesterday's Thanksgiving holiday as markets moved at a slow pace, alongside China's economy that is expected to slow down next year thereby dragging confidence around the world and pushing commodities down. However, the Korean attacks seem to be closely eyed by investors' as events unravel and accordingly commodities may be affected by the outcome.
As for NYMEX as of 03:34 EST; motor gasoline gained 0.45% recording $222.350 per gallon; heating is trading around $232.670 per gallon climbing $0.05; whereas natural gasoline shed $0.36 to record $4.372. In London, Brent futures declined $0.29 to record $85.850.
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