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Macroeconomic Indicators Hurt Prospects for Crude

February 15, 2013 at 22:54 by Vladimir Vyun

Crude oil retreated today as some macroeconomic indicators from the United States and the eurozone made investors worry about demand for fuel. US industrial production unexpectedly fell 0.1 percent in January. Eurozone imports dropped as much as 3 percent in December from November.

Technicians said that crude failed to breach the important resistance level of $98 per barrel. The commodity is not in a downtrend yet, but clearly has lost its upward bias. The conflicting macroeconomic signals will likely result in price swings, making traders reluctant to buy oil.

Futures for delivery of WTI crude oil in March fell as much as $1.45 (1.49 percent) to close at $95.86 per barrel on NYMEX today. April contract for Brent crude declined a little $0.04 (0.03 percent) to $117.96 per barrel on ICE.

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