Oil slipped below 50 US dollars a barrel on Tuesday, largely due to a weekly build-up in US crude supplies, and also on predictions for softer global demand for petroleum this year. In New York, crude fell nearly 1.3 percent, to settle at 49 dollars and 41 cents per barrel.

　　Oil slipped below 50 US dollars a barrel on Tuesday, largely due to a weekly build-up in US crude supplies, and also on predictions for softer global demand for petroleum this year.

　　The US Energy Information Administration has lowered its forecast for demand this year by 180,000 barrels every day. Also helping to push oil down, data released in the US show retail sales falling a surprising 1.1 percent in March. There's been a decline in vehicle purchases, pointing to subdued consumer spending amid rising unemployment.

Source: CCTV.com
04-15-2009 11:10