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05/03/2013 04:44:41 PM
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Publish Date05/03/2013 04:44:41 PM
Despite the cheerful data released today on the top oil consumer`s soil; the U.S, we watch the black gold actually narrow trading today as fears remain spread after President Barack Obama ordered the activation of $85 billion in automatic spending cuts from defense and domestic budgets throughout 2013, which could alter growth prospects for the world’s largest economy.
Plus as we saw yesterday the expansion of services in China, which is as we know the world’s second-largest oil-consuming country after the U.S., was the slowest since September after a gauge of new orders declined.
However today optimism was strongly spread as well on the U.S soil and we watched the Dow Jones actually inclined to its highest level ever to actually erase losses from the financial crisis after a four-year rally fueled by the fastest profit growth since the 1990s and monetary stimulus from the Federal Reserve.
Plus further optimism after that the Institute for Supply Management (ISM) released its non-manufacturing report for February on Tuesday, where it showed economic activity in the non-manufacturing sector grew for the 38th successive month.
Having in mind that a reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. Note that the services sector comprises around 70 percent of the U.S. total output.
Accordingly as a result of these continuous mixed sentiments, data and updates fears and hopes are spread throughout the energy market to have so far the black gold narrow trade around $90.38 a barrel recording a high of $90.73 per barrel and a low of $90.19 per barrel.
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