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Oil falls as traders eye China
Source: Agencies |
November 20, 2010, Saturday
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OIL prices dropped yesterday as investors became concerned that China's effort to slow economic growth would curtail demand for energy.
Benchmark oil for December delivery fell 34 cents to settle at US$81.51 a barrel on the New York Mercantile Exchange. Since the contract expires yesterday, many traders have shifted to the January contract, which dropped 44 cents to US$81.98 a barrel.
Some analysts are worried a jump in oil prices could undermine America's fragile economic recovery. For every US$10 increase in crude prices, U.S. households spend an additional US$25 billion a year to buy the same amount of fuel, Capital Economics said in a report.
"That leaves them with US$25 billion less to spend on other items," Capital Economics said. "Changes in crude oil prices have an obvious and almost immediate impact on how much households spend on gasoline."
In other Nymex trading in December contracts, heating oil fell 2.07 cents to US$2.2744 a gallon, gasoline lost 3.23 cents to US$2.1960 a gallon and natural gas added 15.7 cents, or 4 percent, to US$4.164 per 1,000 cubic feet.
In London, Brent crude gave up 71 cents to US$84.34 a barrel on the ICE Futures exchange.
Benchmark oil for December delivery fell 34 cents to settle at US$81.51 a barrel on the New York Mercantile Exchange. Since the contract expires yesterday, many traders have shifted to the January contract, which dropped 44 cents to US$81.98 a barrel.
Some analysts are worried a jump in oil prices could undermine America's fragile economic recovery. For every US$10 increase in crude prices, U.S. households spend an additional US$25 billion a year to buy the same amount of fuel, Capital Economics said in a report.
"That leaves them with US$25 billion less to spend on other items," Capital Economics said. "Changes in crude oil prices have an obvious and almost immediate impact on how much households spend on gasoline."
In other Nymex trading in December contracts, heating oil fell 2.07 cents to US$2.2744 a gallon, gasoline lost 3.23 cents to US$2.1960 a gallon and natural gas added 15.7 cents, or 4 percent, to US$4.164 per 1,000 cubic feet.
In London, Brent crude gave up 71 cents to US$84.34 a barrel on the ICE Futures exchange.
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