Oil prices fell from a nearly two-month high. WTI prices for August delivery were down to $88.55, which is well below the $100 plus range of five months ago. The trigger for the drop was twofold. First, senior China officials have publicly expressed worry about job and economic growth. The chorus of the comments has become louder over the past several weeks as GDP and PMI figures have wobbled.
Just as large a factor is the sharp drop in gross domestic product among Europe’s most financially weak nations, and signs of slowing in both France and Germany. Gasoline inventories have fallen in the U.S. According to the API, inventory dropped 116,000 barrels last week. Oil inventories also slipped slightly.
Douglas A. McIntyre
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