Related News
Oil falls on huge buildup in gasoline supplies
Online Edition
The price of oil fell 1 percent yesterday after the government reported a large buildup in supplies of gasoline and distillate fuels such as diesel.
Benchmark oil for January delivery dropped US$1.07 to close at US$97.44 a barrel on the New York Mercantile Exchange. Oil had jumped US$1.17 to US$98.51 on Tuesday, its highest level in six weeks.
Gasoline supplies rose by 6.7 million barrels, the Energy Department said, while distillate supplies increased by 4.5 million barrels in the week ended Dec. 6. Both increases were more than three times what analysts were expecting, raising the possibility that refiners would slow production and purchases of oil in the coming weeks.
The fuel increases overshadowed a huge decline in oil supplies of 10.6 million barrels.
Oil has fallen from US$110 in September on high supplies, muted demand and a lessening of Middle East tensions. It sank to nearly US$92 late last month but has since crept higher as the U.S. and Chinese economies show signs of sustained recovery.
Brent crude, a benchmark for international crudes, rose 32 cents to US$109.70 a barrel on the ICE Futures exchange in London.
In other energy futures trading on Nymex:
— Wholesale gasoline dropped 2 cents to US$2.66 a gallon.
— Heating oil was flat at US$3.02 a gallon
— Natural gas rose 10 cents to US$4.34 per 1,000 cubic feet.
- 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
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
