Crude oil prices slipped to their lowest in almost two weeks Thursday, with traders spooked by weak global demand for energy products.
Data released this morning showed a troubling slowdown in manufacturing activity in the New York and Philadelphia regions.
Meanwhile, OPEC is strongly hinting it will continue pumping oil at a breakneck pace despite a drop in demand from U.S. and China.
The U.S. Energy Information Administration reported an increase of 7.6 million barrels in crude supplies for the week ended Oct. 9.
Nov. oil fell 26 cents, or 0.6%, to settle at $46.38/bbl on Nymex, having dropped sharply since last week’s highs above $50.
The material has been provided by InstaForex Company – www.instaforex.com