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Oil falls on slow economic growth
Source: Agencies |
August 27, 2011, Saturday
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Online Edition
Online Edition
OIL held above US$85 per barrel yesterday on news that the US economy didn't grow as fast as previously expected. Slower growth lowers energy demand.
The government said yesterday that the economy grew at just 1 percent from April to June, down from previous estimates of 1.3 percent. Federal Reserve Chairman Ben Bernanke also didn't propose new steps to stimulate the economy during a speech in Wyoming.
Benchmark West Texas Intermediate crude fell 8 cents to US$85.22 per barrel in New York. Brent crude rose 86 cents to US$111.48 in London.
Hurricane Irene is expected to shut down refineries, power plants and gasoline import terminals as it winds up the Eastern Seaboard. The storm, which could reach North Carolina's Outer Banks today with winds around 160 kph, could stifle fuel supplies in coming days, but analysts said prices shouldn't rise by much.
The US remains well supplied by refining hubs along the Gulf Coast and the West Coast.
Besides, analyst Michael Lynch said, gasoline demand should plunge along the East Coast as people stay home and businesses close.
In other Nymex trading, heating oil added 2.25 cents to US$3.0157 per gallon and gasoline futures lost 1.45 cents to US$2.7872 per gallon. Natural gas added less than a penny to US$3.911 per 1,000 cubic feet.
The government said yesterday that the economy grew at just 1 percent from April to June, down from previous estimates of 1.3 percent. Federal Reserve Chairman Ben Bernanke also didn't propose new steps to stimulate the economy during a speech in Wyoming.
Benchmark West Texas Intermediate crude fell 8 cents to US$85.22 per barrel in New York. Brent crude rose 86 cents to US$111.48 in London.
Hurricane Irene is expected to shut down refineries, power plants and gasoline import terminals as it winds up the Eastern Seaboard. The storm, which could reach North Carolina's Outer Banks today with winds around 160 kph, could stifle fuel supplies in coming days, but analysts said prices shouldn't rise by much.
The US remains well supplied by refining hubs along the Gulf Coast and the West Coast.
Besides, analyst Michael Lynch said, gasoline demand should plunge along the East Coast as people stay home and businesses close.
In other Nymex trading, heating oil added 2.25 cents to US$3.0157 per gallon and gasoline futures lost 1.45 cents to US$2.7872 per gallon. Natural gas added less than a penny to US$3.911 per 1,000 cubic feet.
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