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International oil higher on supply concerns
Source: Agencies |
August 25, 2011, Thursday
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INTERNATIONAL oil prices finished the day slightly higher because of uncertainty about global supplies.
Dictator Moammar Gadhafi may be on his way out, but it's far from clear when Libya's oil will be back on the market. That's pushing up Brent crude, which is used to price oil that's produced abroad. Brent rose 84 cents to end at US$110.15 per barrel in London.
Meanwhile, benchmark US crude fell as traders waited for possible moves by the Fed to stimulate the economy. West Texas Intermediate crude lost 28 cents to end at US$85.16 per barrel in New York.
Traders say they are mostly in a holding pattern for now. Hurricane Irene's march toward oil refineries along the Atlantic Coast may push oil and gasoline prices higher later in the week, if it looks like supplies will be interrupted. They also expect Fed Chairman Ben Bernanke to say something on Friday about how the Federal Reserve will try to stimulate the economy.
"We're just marking time here until Bernanke speaks," analyst and trader Jim Ritterbusch said.
Irene, which strengthened to a Category 3 hurricane Wednesday with winds of 120 miles (190 kilometers) per hour, could hit refineries in New Jersey and Pennsylvania this weekend and disrupt gasoline shipments. With the storm's track still uncertain, however, "it still looks like a long shot," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.
Independent oil analyst Andrew Lipow said refineries along the East Coast will likely decide Thursday whether to shut down production ahead of the storm. Once stopped, refineries usually need 10 to 21 days to get back up and running at full tilt. That means gasoline supplies could drop and prices rise, Lipow said.
In other Nymex trading, heating oil rose 1.98 cents to finish at US$2.9690 per gallon and gasoline futures added less than a penny to end at US$2.7558 per gallon. Natural gas lost 7.1 cents to finish at US$3.922 per 1,000 cubic feet.
Dictator Moammar Gadhafi may be on his way out, but it's far from clear when Libya's oil will be back on the market. That's pushing up Brent crude, which is used to price oil that's produced abroad. Brent rose 84 cents to end at US$110.15 per barrel in London.
Meanwhile, benchmark US crude fell as traders waited for possible moves by the Fed to stimulate the economy. West Texas Intermediate crude lost 28 cents to end at US$85.16 per barrel in New York.
Traders say they are mostly in a holding pattern for now. Hurricane Irene's march toward oil refineries along the Atlantic Coast may push oil and gasoline prices higher later in the week, if it looks like supplies will be interrupted. They also expect Fed Chairman Ben Bernanke to say something on Friday about how the Federal Reserve will try to stimulate the economy.
"We're just marking time here until Bernanke speaks," analyst and trader Jim Ritterbusch said.
Irene, which strengthened to a Category 3 hurricane Wednesday with winds of 120 miles (190 kilometers) per hour, could hit refineries in New Jersey and Pennsylvania this weekend and disrupt gasoline shipments. With the storm's track still uncertain, however, "it still looks like a long shot," said Tom Kloza, publisher and chief oil analyst at Oil Price Information Service.
Independent oil analyst Andrew Lipow said refineries along the East Coast will likely decide Thursday whether to shut down production ahead of the storm. Once stopped, refineries usually need 10 to 21 days to get back up and running at full tilt. That means gasoline supplies could drop and prices rise, Lipow said.
In other Nymex trading, heating oil rose 1.98 cents to finish at US$2.9690 per gallon and gasoline futures added less than a penny to end at US$2.7558 per gallon. Natural gas lost 7.1 cents to finish at US$3.922 per 1,000 cubic feet.
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