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US oil rises following blizzard
Source: Xinhua |
February 12, 2013, Tuesday
|
Online Edition
Online Edition
US crude oil price rose yesterday after a blizzard hit the northeast of the country, while Brent crude futures fell on fears over the Eurozone economy.
The blizzard attacked northeast US last Friday and analysts were worried it may affect US refineries.
However, Brent crude dropped as concerns about the Eurozone economy offset optimism over foreign trade growth of US and China. Brent's premium over US crude benchmark narrowed to 21 dollars.
Official data from China showed last week that the country's exports in January jumped 25 percent from a year earlier while imports surged 28.8 percent, resulting in a trade surplus of 29.2 billion dollars, which confirmed the rebound in the world's second largest economy
There were no important data released yesterday and the trading volumes of oil markets are expected to be limited this week as many Asian countries are celebrating the Lunar New Year.
Meanwhile, investors were watching closely the G20 meeting in Moscow and policy meeting of the Bank of Japan later in the week.
Light, sweet crude for March delivery gained 1.31 dollars, or 1. 37 percent to settle at 97.03 dollars a barrel on the New York Mercantile Exchange.
Brent crude for March delivery fell 77 cents, or 0.65 percent to close at 118.13 dollars a barrel.
The blizzard attacked northeast US last Friday and analysts were worried it may affect US refineries.
However, Brent crude dropped as concerns about the Eurozone economy offset optimism over foreign trade growth of US and China. Brent's premium over US crude benchmark narrowed to 21 dollars.
Official data from China showed last week that the country's exports in January jumped 25 percent from a year earlier while imports surged 28.8 percent, resulting in a trade surplus of 29.2 billion dollars, which confirmed the rebound in the world's second largest economy
There were no important data released yesterday and the trading volumes of oil markets are expected to be limited this week as many Asian countries are celebrating the Lunar New Year.
Meanwhile, investors were watching closely the G20 meeting in Moscow and policy meeting of the Bank of Japan later in the week.
Light, sweet crude for March delivery gained 1.31 dollars, or 1. 37 percent to settle at 97.03 dollars a barrel on the New York Mercantile Exchange.
Brent crude for March delivery fell 77 cents, or 0.65 percent to close at 118.13 dollars a barrel.
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