Oil ends the year at US$98 a barrel

Source: Agencies | January 1, 2014, Wednesday |

Online Edition

The price of oil retreated from its recent high to end the year at US$98.42 yesterday.

The price fell 87 cents from Monday's close and was down from Friday's settlement of US$100.32, the first triple-digit close since October 18.

Recently, a stronger dollar has been keeping a cap on oil prices by making commodities like oil priced in dollars more expensive for traders using other currencies. Yesterday, the euro was down to US$1.3754 from US$1.3793 late Monday in New York.

When traders come back in the new year, they will be monitoring the amount of oil reserves in the nation. Crude stockpiles have fallen for four straight weeks but still remain 9.2 percent higher than five-year averages.

At the gas pump, the average price for a gallon of gasoline is US$3.32. That's up 6 cents from a week ago, and up 3 cents from this time last year.

Brent crude, a benchmark for international oils, was down 41 cents at US$110.80 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline lost 2 cents to US$2.79 per gallon.

— Heating oil was unchanged at US$3.08 per gallon.

— Natural gas fell 20 cents to US$4.23 per 1,000 cubic feet.

Energy

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Oil ends the year at US$98 a barrel

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