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Oil prices rose to an eight-week low on speculation that China will stimulate the economy, and on the eve of the meeting of Spanish politicians to approve the budget for 2013.
Futures rose 2%, while shares rose after China said it would begin conducting incentives. Also, the Spanish Prime Minister Mariano Rajoy has promised to cut the deficit to at least 18 billion euros ($ 23.2 billion) next year. Also today, it was reported that U.S. GDP grew less than previously forecast in the second quarter.
Rajoy opposed the protests and expressed their opposition to regional leaders, as it struggles to convince investors it can contain the crisis and did not apply for financial aid. Note also that the debt crisis in Europe, reducing economic growth and demand for energy in the continent for three years. The crisis that started in Greece has spread to Ireland, Portugal, Italy, Spain and Cyprus.
The Commerce Department reported that the U.S. economy expanded by 1.3% from April to June, after rising 2% in the first quarter. Recall that the preliminary assessment was at 1.7.
The price of crude oil also rose after the price of gasoline rose to its highest level in nearly five months on concern that stopping oil platform in the Atlantic basin will further reduce inventories on the East Coast of the U.S..
November futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $91,23 per barrel.
November futures price of North Sea Brent crude oil mix is now $111,47 a barrel on the ICE Futures Europe Exchange.
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