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Crude oil stays near US$100 a barrel in thin trading
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The price of oil retreated slightly in thin trading yesterday to close below US$100.
Benchmark US crude for February delivery ended the day down US$1.03, closing at US$99.29 a barrel on the New York Mercantile Exchange.
On Friday, oil had closed above US$100 for the first time since Oct. 18 on prospects of a US economic recovery. The US Energy Information Administration said Friday that US crude stockpiles fell 4.7 million barrels the week ending Dec. 20. It was the fourth straight week of draws in crude stocks.
While signs of an improving economy in the US have supported prices, analysts noted that oil consumption in other parts of the world could be held back by a strengthening dollar, which makes oil more expensive for other countries.
"The recovery of the US economy is fueling expectations of higher oil demand in the US," said Olivier Jakob of Petromatrix in Switzerland. "But on a worldwide basis the stronger US dollar that comes with an improvement of the US economy is a negative for oil demand growth."
Others noted that interest from financial speculators would help push oil prices higher.
"Look for the price surge to continue into these final days of 2013, and the first days of 2014," said the Kilduff Report, which is edited by Michael Fitzpatrick. "New money will be put to work in commodities, causing part of the rise."
Brent crude, a benchmark for international oils, fell 97 cents to US$111.21 a barrel on the ICE Futures exchange in London.
Brent's decline was attributed to reports that some of the oil production, refinery and export facilities in Libya — which has been struggling to remain in operation since the 2011 civil war that ousted Moammar Gadhafi — were back in business.
In other energy futures trading on Nymex:
— Wholesale gasoline lost 3 cents to US$2.79 per gallon.
— Heating oil fell 5 cents to US$3.08 per gallon.
— Natural gas jumped 6 cents to US$4.43 per 1,000 cubic feet.
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