July 31, 2012
Oil prices fell on Tuesday on expectations that potential central bank stimulus may not be enough to revive sputtering economic growth and as hopes dimmed that the U.S. Federal Reserve will act this week to boost growth.
Supportive data from the United States, including higher home prices, improved consumer confidence and a boost in Midwest business activity, was seen as lowering the chance of more stimulus from the Fed when its two-day policy meeting ends Wednesday.
“Oil prices are lower on the paradox of slightly better economic data in the form of the Chicago PMI and the consumer confidence reading,” said John Kilduff, a partner at Again Capital LLC in New York.
This article was posted: Tuesday, July 31, 2012 at 11:46 am