Colosseum a.s. (Colosseum a.s.)
Commodities  |  January 24, 2013 08:35:33

Oil cheapened the most in a month

ColosseumYesterday cheaper futures contracts for crude oil was driven by two reports. First was temporarily reduced capacity of an important oil pipelines leading, Seaway line. This pipeline brings oil directly from the trays in Cushing. The capacity is now limited to 175,000 barrels from current 400,000 barrels per day. The second reason for yesterday's fall was a new estimate of the International Monetary Fund, which lowered global growth forecast for this year to 3.5% from 3.6% in October. The March crude oil and on the CME closed yesterday with a loss of $ 1.45 to $ 95.23 per barrel.

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