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Oil ends lower on economy concerns
Source: Agencies |
December 11, 2012, Tuesday
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Online Edition
Online Edition
BENCHMARK US crude gave up some early gains yesterday on a surprise expansion of German exports and signs of increased oil consumption in China to finish lower. Concerns about the so-called fiscal cliff in the US continued to dog traders and investors.
Benchmark crude fell 37 cents to finish at US$85.56 a barrel in New York. Brent crude, used to price international varieties of oil, rose 31 cents to end at US$107.33 per barrel on the ICE Futures exchange in London.
The German government said exports from Europe's biggest economy rose slightly in October after losing ground the month before. They were 10.6 percent higher than October a year ago.
In China, the world's second-largest economy after the US, crude imports last month were the highest in half a year. And for the first time, more than 10 million barrels per day were refined, noted Tradition Energy's Addison Armstrong. The oil data was released a day after another set of figures showed that China's industrial production and retail sales exceeded expectations in November.
Meanwhile President Barack Obama was in Detroit looking for more public support to raise taxes on the wealthiest Americans, a day after he and House Speaker John Boehner met for the first time to talk about ways to avoid the "fiscal cliff" of automatic tax increases and spending cuts set to start in the new year.
Other energy futures on the New York Mercantile Exchange:
- Heating oil fell 1.91 cents to finish at US$2.90 a gallon.
- Natural gas fell 9.1 cents to end at US$3.46 per 1,000 cubic feet.
- Wholesale gasoline was unchanged at US$2.60 a gallon.
Benchmark crude fell 37 cents to finish at US$85.56 a barrel in New York. Brent crude, used to price international varieties of oil, rose 31 cents to end at US$107.33 per barrel on the ICE Futures exchange in London.
The German government said exports from Europe's biggest economy rose slightly in October after losing ground the month before. They were 10.6 percent higher than October a year ago.
In China, the world's second-largest economy after the US, crude imports last month were the highest in half a year. And for the first time, more than 10 million barrels per day were refined, noted Tradition Energy's Addison Armstrong. The oil data was released a day after another set of figures showed that China's industrial production and retail sales exceeded expectations in November.
Meanwhile President Barack Obama was in Detroit looking for more public support to raise taxes on the wealthiest Americans, a day after he and House Speaker John Boehner met for the first time to talk about ways to avoid the "fiscal cliff" of automatic tax increases and spending cuts set to start in the new year.
Other energy futures on the New York Mercantile Exchange:
- Heating oil fell 1.91 cents to finish at US$2.90 a gallon.
- Natural gas fell 9.1 cents to end at US$3.46 per 1,000 cubic feet.
- Wholesale gasoline was unchanged at US$2.60 a gallon.
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