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Oil hovers below US$92
Source: Agencies |
January 14, 2011, Friday
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OIL prices fell yesterday after briefly rising above US$92 a barrel as investors took profits following a report that showed a surprising jump in applications for unemployment benefits last week.
Benchmark oil for February delivery lost 46 cents to settle at US$91.40 a barrel on the New York Mercantile Exchange.
The Labor Department report on jobs that showed more people filing for unemployment aid in the U.S. weighed on the dollar yesterday. The euro got a boost after successful bond auctions in Portugal and Italy helped calm some investors worried about Europe's debt crisis.
While the dollar slipped slightly against the euro yesterday and in turn made crude cheaper for non-dollar investors, experts suggested factors outside the fundamentals of supply and demand could start to hamper oil prices.
"Although the momentum suggests a further rise in prices in the near term, there is still substantial downside potential for prices as soon as sentiment changes on the financial markets," Commerzbank said, while analysts at MF Global in New York listed rate hikes in emerging markets and a stronger dollar among the possible risks.
In other Nymex contracts for February delivery, heating oil fell 0.95 to settle at US$2.6091 a gallon, and gasoline futures gave up 1.72 cents to settle at US$2.4459 per gallon. Natural gas for March delivery fell 10.7 cents to settle at US$4.419 per 1,000 cubic feet.
In London, Brent crude fell 28 cents to settle at US$97.29 a barrel on the ICE Futures exchange.
Benchmark oil for February delivery lost 46 cents to settle at US$91.40 a barrel on the New York Mercantile Exchange.
The Labor Department report on jobs that showed more people filing for unemployment aid in the U.S. weighed on the dollar yesterday. The euro got a boost after successful bond auctions in Portugal and Italy helped calm some investors worried about Europe's debt crisis.
While the dollar slipped slightly against the euro yesterday and in turn made crude cheaper for non-dollar investors, experts suggested factors outside the fundamentals of supply and demand could start to hamper oil prices.
"Although the momentum suggests a further rise in prices in the near term, there is still substantial downside potential for prices as soon as sentiment changes on the financial markets," Commerzbank said, while analysts at MF Global in New York listed rate hikes in emerging markets and a stronger dollar among the possible risks.
In other Nymex contracts for February delivery, heating oil fell 0.95 to settle at US$2.6091 a gallon, and gasoline futures gave up 1.72 cents to settle at US$2.4459 per gallon. Natural gas for March delivery fell 10.7 cents to settle at US$4.419 per 1,000 cubic feet.
In London, Brent crude fell 28 cents to settle at US$97.29 a barrel on the ICE Futures exchange.
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