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Oil falls on China inflation worries
Source: Agencies |
January 22, 2011, Saturday
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CRUDE oil prices fell yesterday as traders speculated about whether China may impose more restrictions to control the growth of its economy, and looked for more signs that the US economy is headed for better days.
Benchmark oil for March delivery fell 48 cents to settle at US$89.11 a barrel on the New York Mercantile Exchange.
Oil prices were restrained by the Energy Department's weekly report that showed growing US stockpiles of oil, gasoline and distillates, which include heating oil and diesel fuel. All are higher than the five-year average, an indication that energy demand remains tepid.
In other Nymex trading, heating oil rose 2.76 cents to settle at US$2.6508 a gallon, and gasoline added 3.64 cents to settle at US$2.4589 a gallon. Natural gas for March delivery gained 5.1 cents to settle at US$4.743 per 1,000 cubic feet.
In London, Brent crude rose US$1.02 to settle at US$97.60 a barrel on the ICE futures exchange.
Benchmark oil for March delivery fell 48 cents to settle at US$89.11 a barrel on the New York Mercantile Exchange.
Oil prices were restrained by the Energy Department's weekly report that showed growing US stockpiles of oil, gasoline and distillates, which include heating oil and diesel fuel. All are higher than the five-year average, an indication that energy demand remains tepid.
In other Nymex trading, heating oil rose 2.76 cents to settle at US$2.6508 a gallon, and gasoline added 3.64 cents to settle at US$2.4589 a gallon. Natural gas for March delivery gained 5.1 cents to settle at US$4.743 per 1,000 cubic feet.
In London, Brent crude rose US$1.02 to settle at US$97.60 a barrel on the ICE futures exchange.
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