Lower Japanese Production Leads Crude Oil Lower

April Crude Oil is erasing gains from yesterday as traders are reacting negatively to the news of the drop in Japanese factory and automobile production. The slowdown in production means less oil will be needed.

Earlier in the week the market found support from an unexpected drop in gasoline inventory stocks. Losses may be limited today as talk is circulating that OPEC will announce another production cut at its next meeting on March 15. Russia, Iraq and Venezuela have already voiced approval of the impending announcement.

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Posted by James A. Hyerczyk at Friday, February 27, 2009 6:04 AM
Categories: Energies
Tags: Heating Oil Crude Oil Natural Gas Unleaded Gasoline
 

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