Slowing global economic growth pulls down oil prices to near US$85 a barrel in Asia

13-Jul-12

Oil fell to near $85 on Thursday as signs of slowing global economic growth offset hopes that central banks will soon implement stimulus measures. Benchmark oil for August delivery dipped to US$85.1 by late afternoon in Singapore in electronic trading on the Nymex, while in London, Brent crude for August delivery dipped to US$99.4 per barrel on the ICE Futures exchange. Some analysts expect a recovery in crude prices in the second half of 2012 as a result of fiscal and monetary stimulus that will boost economic growth and fuel consumer demand. Nother set of analysts believe that the Europe crisis could escalate, likely pulling down commodity prices in H2.