CRUDE OIL PLUNGES AS CHINESE, ITALIAN REPORTS DIM OIL DEMAND PROSPECTS
Mar-13-2012
Date: 13.03.2012
Crude oil prices plunged by a percent on Monday, registering first decline in last four trading sessions as investors booked some profits after worse than expected Chinese trade data for February highlighted that the nation's trade deficit widened to the highest levels seen in at least a decade and also dimmed oil demand prospects. The fuel prices also got weighed down by the discouraging Italian GDP numbers which indicated that Euro-zone's third largest economy slipped into recession, as it shrank 0.7% in the fourth quarter of 2011 while investors also remained on the sidelines ahead of Tuesday's Federal Open Market Committee (FOMC) meeting.
Benchmark crude for April delivery plunged $1.06 or 1% to $106.34 a barrel after trading as high as $107.56 as low as $105.38 an ounce on the New York Mercantile Exchange. In London, April delivery Brent crude declined $0.64 or 0.5% to $125.34 a barrel on the ICE.
Benchmark crude for April delivery plunged $1.06 or 1% to $106.34 a barrel after trading as high as $107.56 as low as $105.38 an ounce on the New York Mercantile Exchange. In London, April delivery Brent crude declined $0.64 or 0.5% to $125.34 a barrel on the ICE.
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