Modern Business

It’s been four days, as world crude oil prices decline. This happens due to the level of the growing U.S. consumer confidence slumped. In addition, there is also investors’ concern on the decline of foil demand in the US.

For your information, oil prices declined after the Thomson Reuters / University of Michigan consumer confidence index released for the month of July. In the data shown, the consumer confidence index declined to a level of 66.5 from the position on June 76. This is the lowest level since August last year. It also predicted the index would drop songs to the position 74.

“Sentiment is negative macro impact. Outlook global growth outlook participate aggravate the oil market,” said Toby Hassall, analyst CWA Global Commodity Markets Pty in Sydney.

Notes only, the contract prices for August delivery declined 51 cents, or 0.7 percent to U.S. $ 75.5 per barrel on NYMEX. At 9:56 pm Singapore time, oil prices are in the position of U.S. $ 75.64 per barrel. On July 16 last, the contract is sagging oil prices 61 cents and perched on the level of U.S. $ 76.01 per barrel. Meanwhile, the price of oil futures contracts so far this year has decreased by 4.7 percent.