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Oil falls on faded stimulus hopes, euro zone worries

Posted By Adan On July 31, 2012 @ 11:46 am In Global Crisis | Comments Disabled

Robert Gibbons
Reuters
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.

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