Crude Oil Price outlook: US GDP Second Quarter, revised downwards to 1.6%: Oil to head lower

< 1 min read

Wall Street Journal reports that the revised US GDP figure for second quarter came in a 1.6% compared to the original 2.4%. Given the recent downward trend in oil prices, the weekend and the upcoming crude oil ETF rollovers, oil should bring the 70 dollar per barrel barrier on NYMEX before the 7th of September. It may actually head even lower if other triggers also come up with sluggish reviews of the global economic outlook.