Spread betting provider City Index (http://www.cityindex.co.uk/) takes a look at the financial activity shaping the markets on 16th August 2011.
The price of crude oil has declined during commodity trading in New York today (August 16th) amid speculation demand will suffer as a result of the faltering global economy.
Bloomberg reports futures for September delivery were down by as much as 71 cents (43p) to $87.17 per barrel on the New York Mercantile Exchange, reversing some of the 2.9 per cent increase seen yesterday that took the contract to $87.88 per barrel, a high not seen since August 3rd.
The price may have been affected by figures showing an unexpected fall in construction in the state of New York this month, while data due to be released today will reveal housing starts across the US as a whole dropped in July.
A survey conducted by Bloomberg News ahead of the report’s publication indicates work began on 600,000 homes at an annual rate last month, down 4.6 per cent on June’s figure.
Oil’s value has fluctuated in recent days, with gains made on the back of upbeat US employment data released last week offset by continued concerns regarding the health of the global economy.
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