Wednesday, April 17, 2013

Oil prices plunge on weak corporate earnings

Oil prices went down as U.S.Used construction machinery equity markets fell on disappointing corporate earnings.Downbeat corporate earnings from companies, such as Bank of America, Intel, all weighed on the equity markets and oil prices.Bank of America, the last of the four big U.S. banks, Wednesday reported financial results for the first quarter of 2013, which registered positive profits but its revenue missed market expectations. Its net income reached 2.6 billion dollars, or 20 cents per share, missing the market's expectation of 23 cents per share. 

Intel said its current quarter revenue would decline 8 percent and cut its 2013 capital spending plans.U.S. crude inventories dropped by 1.2 million barrels, or 0.3 percent,Clawfoot tub faucets to 387.6 million barrels in the week ending April 12, the Energy Information Administration (EIA) reported. Gasoline inventories fell 0.6 million barrels, but distillate inventories rose 2.4 million barrels.Gasoline consumption dropped for a second week to 8.38 million barrels a day due to weak consumer demand. 

The dollar advanced against euro to the strongest level since February. A rising greenback reduced dollar-denominated oil's appeal as an investment alternative.Light, sweet crude for May delivery lost 2. dollars, or 2.Vintage tubs3 percent, to settle at 86.68 dollars a barrel on the New York Mercantile Exchange.Brent for June delivery was down 2.24 dollars, or 2.24 percent,Conveyor belts are required in various areas. It is mostly used in the Crushing equipment handling purposes, including beverage and food processing, mining, manufacturing, power transmission and packaging. to close at 97.69 dollars a barrel.

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