Oil Declines as Investors Wait for Earnings News

With the second-quarter earnings reports for several large multi-nationals due for release this week, investors sat on the sidelines as oil fell to $74.63 a barrel in trading in Europe today. The tone of the earnings reports will provide insight into the pace of the recovery and potential energy demand over the next few months.

“The bottom line is that the economic recovery is slowing down sooner than many analysts expected,” energy consultant and trader The Schork Group said in a report. “But we will take a slow recovery over no recovery any day of the week.”

Some of the companies due to release reports this week include Alcoa Inc., Intel Corp., Google Inc., JPMorgan Chase & Co., Bank of America Corp.

Source: The Associated Press

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