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Oil drops after supply report
Source: Agencies |
September 13, 2012, Thursday
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Online Edition
Online Edition
THE price of oil is falling after the government said US supplies of oil rose last week.
Benchmark oil fell 11 cents yesterday to US$97.06 per barrel in New York.
The supply report erased gains seen after a German court cleared a path for Europe to create a fund to bail out financially troubled countries. That's one of several strategies Europe is pursuing to resolve its debt crisis.
Traders also are waiting to see if the Federal Reserve will offer more help for the US economy. Previous Fed stimulus efforts have encouraged investors to buy riskier assets such as oil.
Brent crude increased 43 cents to US$115.20 per barrel in London.
At the pump, AAA says the national average price for gasoline rose 1.5 cents overnight to US$3.858 per gallon.
Benchmark oil fell 11 cents yesterday to US$97.06 per barrel in New York.
The supply report erased gains seen after a German court cleared a path for Europe to create a fund to bail out financially troubled countries. That's one of several strategies Europe is pursuing to resolve its debt crisis.
Traders also are waiting to see if the Federal Reserve will offer more help for the US economy. Previous Fed stimulus efforts have encouraged investors to buy riskier assets such as oil.
Brent crude increased 43 cents to US$115.20 per barrel in London.
At the pump, AAA says the national average price for gasoline rose 1.5 cents overnight to US$3.858 per gallon.
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