Oil contracts for December deliver retreated to about $77.44 a barrel in Europe on Tuesday as the market waits for news that is expected to show that the US recovery has been slower than expected. Analysts also worry that the economy will weaken further in the new year as the government scales back on stimulus spending.
“The ceiling has been set by weak refining margins, lackluster demand and a global economic recovery that is expected to be sluggish,” Societe Generale said in a report.
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