2009-04-22

Crude overshadowed by signs of prolonged recession

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Jakarta, Financeroll.com - Minyak diperdagangan melemah karena tanda-tanda resesi AS akan berlanjut sampai semester kedua tahun ini, sehingga menurunkan permintaan terhadap bahan bakar mobil dan pabrik. Jakarta, Financeroll.com - Oil was little changed after falling on signs the U.S. recession will extend into the second half of the year, reducing fuel demand for cars and factories.

Oil dropped yesterday as an index of U.S. leading economic indicators fell more than forecast in March. The Conference Board gauge points to the direction of the economy over the next six months and slid 0.3 percent. The dollar traded near a five- week high versus the euro, reducing the appeal of commodities as an inflation hedge.

Oil demand won’t push up because there just hasn’t been any data supporting the idea that the economy has turned around. The dollar gains have also been a big driver.

Crude oil for May delivery was at $45.95 a barrel, up 7 cents. Brent crude oil for June settlement was at $49.98, up 12 cents, on London’s ICE Futures Europe exchange.

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