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Oil falls below 88 dollars a barrel
Source: Xinhua |
February 8, 2011, Tuesday
|
Online Edition
Online Edition
CRUDE oil price yesterday fell below 88 dollars a barrel on concerns about high inventories and sluggish demand and as Egyptian unrest eased.
Egypt banks began to reopen on Monday after two weeks of unrest, showing the situation there was calming down and there was no threat to the oil supply from the Middle East.
US crude inventories rose 2.59 million barrels to 343.16 million barrels in the week ended Jan. 28, according the report of Energy Information Administration. It was the third straight week for inventories to rise.
And the employment data released last Friday was not so satisfying, new jobs were far less than estimation. Investors and traders remained worried about the biggest oil-consumer's economic outlook.
Light, sweet crude for March delivery fell 1.55 dollars, or 1. 74 percent to 87.48 dollars a barrel on the New York Mercantile Exchange.
Egypt banks began to reopen on Monday after two weeks of unrest, showing the situation there was calming down and there was no threat to the oil supply from the Middle East.
US crude inventories rose 2.59 million barrels to 343.16 million barrels in the week ended Jan. 28, according the report of Energy Information Administration. It was the third straight week for inventories to rise.
And the employment data released last Friday was not so satisfying, new jobs were far less than estimation. Investors and traders remained worried about the biggest oil-consumer's economic outlook.
Light, sweet crude for March delivery fell 1.55 dollars, or 1. 74 percent to 87.48 dollars a barrel on the New York Mercantile Exchange.
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