Oil futures traded lower in the early going of Tuesday’s Asian session as fears about global economic growth crept back into the market.
On the New York Mercantile Exchange, light, sweet crude futures for April delivery dropped 0.27% to USD96.14 per barrel in Asian trading Tuesday. Action was quiet in the oil pits on Monday as U.S. markets were closed due to a public holiday.
A spate of developed world economic data points released last week may be ailing oil futures today. Official data released Friday revealed that U.S. industrial production contracted by 0.1% in January, missing expectations for a 0.2% rise and well below a 0.4% increase the previous month. The U.S. is the world’s largest oil consumer. Continue Reading...
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