Text Version
RSS Feeds
Home Forum Photos Features Newsletter Archive Employment
About US Help Site Map
SEARCH   About US FAQ Site Map Site News
  -Text Version
  -RSS Feeds
  -News Archive
  -Give us feedback
  -Voices of Readers
  -Online community
  -China Biz info
  What's new
Crude prices retreat as high savings rate spurs demand concern
+ -
10:33, June 27, 2009

 Related News
 Chinese crude oil imports rose 13.6 percent year-on-year in April
 Crude prices surge to six-month high
 Crude oil nears $50 on earnings, stocks
 Crude prices rebound as U.S. stocks rise
 Oil slides below $46 on stronger dollar, economic concern
 Comment  Tell A Friend
 Print Format  Save Article
Oil prices retreated on Friday as American savings rate hit a 15-year high, spurring concern over future U.S. consumer spending.

The Commerce Department said in its report on Friday that the U.S. consumer spending rose in May, first seen in three months, due to a 1.4-percent income jump under the Obama administration's stimulus plan. However, climbing earnings also drove the savings rate to a 15-year high, which made investors think the consumer spending will slow down in the future.

Meanwhile, losses on equities markets and profit-taking by investors also encouraged selling in the commodities markets.

Light, sweet crude for August delivery dropped 1.07 dollars, or1.5 percent, to settle at 69.16 dollars a barrel on the New York Mercantile Exchange. London Brent for August delivery slipped 92 cents to 68.86 dollars a barrel on the ICE Futures exchange.

Source: Xinhua

  Your Message:   Most Commented:
India's unwise military moves
Veiled threat or good neighbor?
China slams Clinton's June 4 comments
13 more bodies from Air France flight 447 recovered
To Be or Not To Be-- reflourishing bicycle in China

|About Peopledaily.com.cn | Advertise on site | Contact us | Site map | Job offer|
Copyright by People's Daily Online, All Rights Reserved