Oil falls on expected rise in US crude supplies

Source: Agencies | October 30, 2013, Wednesday |

Online Edition

The price of oil fell yesterday as analysts forecast another rise in US crude oil supplies.

Benchmark US crude for December delivery dropped 48 cents to US$98.20 a barrel on the New York Mercantile Exchange. It has fallen 4 percent so far in October.

US crude supplies rose 21.5 million barrels in the four weeks ending Oct. 18, to levels nearly 10 percent above the five-year average.

Data for the week ending Oct. 25 is expected to show increases of 3.5 million barrels in crude oil stocks and of 1.5 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out today.

The market was also waiting for today's outcome of a two-day Federal Reserve policy meeting. The Fed is expected to reinforce expectations that it won't begin reducing its mammoth monetary stimulus until next year.

Brent crude, a benchmark for international crude also used by US refineries, was down 75 cents to US$108.86 on the ICE Futures exchange in London.

In other energy futures trading on the Nymex:

— Wholesale gasoline lost 2 cents to US$2.61 a gallon.

— Heating oil was flat at US$2.96 a gallon.

— Natural gas fell 7 cents to US$3.50 per 1,000 cubic feet.

Energy

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Oil falls on expected rise in US crude supplies

Email this to your friend