Finotec News Archive - May 13 2008
Oil slumps helped by demand worry
Oil prices fell on the early trading pushed by a stronger Dollar and a sharp drop in China’s importsJoana Fonseca
13 May 2008
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Oil prices fell on the early trading pushed by a stronger Dollar and a sharp drop in China’s imports; Oil traded at $123.47 at 7:00am GMT. Oil slumped as Traders took profits after crude futures surge and noted an April slowdown in China’s oil demand. China’s oil imports fell in April, for the first time in 18 months, though some analysts said the dip was a one-off adjustment as refiners rand down stocks after unusually March purchases. “A little bit of profit taking, with the market taking a breather”, said Kyle Cooper, analyst at IEF Advisors.
Finotec Analysis Team
13 May 2008
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