Oil ends below US$93 first time since end of May

Source: Agencies | November 28, 2013, Thursday |

Online Edition

Oil closed below US$93 a barrel for the first time in nearly six months as the US government reported the 10th straight weekly increase in crude oil supplies.

Benchmark US crude for January delivery fell US$1.38 to close at US$92.30 a barrel yesterday on the New York Mercantile Exchange. The lowest previous close was US$91.97 on May 31. Trading volumes were low ahead of Thursday's Thanksgiving holiday.

Oil has declined from around US$104 in early October due to a muted outlook for demand, high supplies and reduced tensions in the oil-rich Middle East.

The Energy Department reported that crude supplies increased by 3 million barrels, or 0.8 percent, in the week ended Nov. 22. The United States's supply of crude oil is now 391.4 million barrels, which is 4.6 percent above year-ago levels and "well above the upper limit of the average range for this time of year," the report said.

Brent crude, a benchmark for international oils, rose 43 cents at US$111.43 a barrel on the ICE exchange in London. Brent's rise was attributed to new disruptions of oil exports from Libya, a key supplier to European markets.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 1 cent to US$2.70 a gallon.

— Heating oil was flat at US$3.04 a gallon.

— Natural gas rose 3 cent to US$3.90 per 1,000 cubic feet.

Energy

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

Oil ends below US$93 first time since end of May

Email this to your friend