Related News
Oil ends above US$93
Source: Agencies |
January 8, 2013, Tuesday
|
Online Edition
Online Edition
OIL prices edged higher yesterday, before a government report on US crude stockpiles following an unexpected drop last week.
Benchmark crude rose 10 cents to finish at US$93.19 a barrel in New York. Brent crude rose 9 cents to end at US$111.40 per barrel in London.
The US Energy Information Administration said last Friday crude supplies fell by 11.1 million barrels, or 3 percent, for the week ended Dec. 28. Analysts expected a drop of just a million barrels.
The American Petroleum Institute will post its inventory report this evening, while the EIA will release its own report Wednesday morning.
The impact of last week's release of a transcript of the Federal Reserve's December meeting showing that US policymakers disagreed over how long to keep a bond-purchase program in place was still being felt on the market.
Traders inferred the Fed might shorten the program, which could send US interest rates, and therefore the dollar, higher. That in turn would hurt the price of oil. Oil, which is priced in dollars, tends to fall as the dollar strengthens and makes crude more expensive for investors holding foreign currencies.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline added 1 cent to finish at US$2.78 a gallon.
- Heating oil rose 1 cent to end at US$3.03 a gallon.
- Natural gas dropped 2 cents to finish at US$3.27 per 1,000 cubic feet.
Benchmark crude rose 10 cents to finish at US$93.19 a barrel in New York. Brent crude rose 9 cents to end at US$111.40 per barrel in London.
The US Energy Information Administration said last Friday crude supplies fell by 11.1 million barrels, or 3 percent, for the week ended Dec. 28. Analysts expected a drop of just a million barrels.
The American Petroleum Institute will post its inventory report this evening, while the EIA will release its own report Wednesday morning.
The impact of last week's release of a transcript of the Federal Reserve's December meeting showing that US policymakers disagreed over how long to keep a bond-purchase program in place was still being felt on the market.
Traders inferred the Fed might shorten the program, which could send US interest rates, and therefore the dollar, higher. That in turn would hurt the price of oil. Oil, which is priced in dollars, tends to fall as the dollar strengthens and makes crude more expensive for investors holding foreign currencies.
In other energy futures trading on the New York Mercantile Exchange:
- Wholesale gasoline added 1 cent to finish at US$2.78 a gallon.
- Heating oil rose 1 cent to end at US$3.03 a gallon.
- Natural gas dropped 2 cents to finish at US$3.27 per 1,000 cubic feet.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
