Oil Drops On Lower Global Growth Forecasts

West Texas Intermediate crude was little changed near a five-month low as the Organization for Economic Cooperation and Development cut its global growth forecasts for this year and next, signaling lower fuel demand.
Futures dropped as much as 0.6 percent after the Paris-based OECD said the world economy will probably expand 2.7 percent this year and 3.6 percent in 2014, revised from the 3.1 percent and 4 percent predicted in May. A government report tomorrow will probably show U.S. crude stockpiles rose for a ninth week, according to analysts surveyed by Bloomberg.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza