Oil hovers near US$94 for 2nd straight week

Source: Agencies | November 16, 2013, Saturday |

Online Edition

The price of oil circled US$94 for a second week as the promise of the continuation of the Federal Reserve's economic stimulus was balanced by abundant US supplies.

Oil rose 8 cents to close at US$93.84 a barrel in New York yesterday, one day after incoming Federal Reserve chief Janet Yellen indicated that economic stimulus will remain in place pending further improvement in the US economy. The Fed's low interest-rate policy has supported investment in riskier assets such as oil and stocks.

Yellen's remarks helped offset further signs of oversupply. Data from the Energy Department showed the US produced more crude oil than it imported in October for the first time since 1995. It also showed crude oil supplies rising for an 8th straight week, by 2.6 million barrels.

Oil has traded between US$93 and US$96 a barrel over the past two weeks, and is down 77 cents since November 1.

Brent crude, the benchmark for an international variety of crude, gained 22 cents to US$108.50 a barrel on the ICE Exchange in London.

In other energy futures trading on the New York Mercantile Exchange:

— Wholesale gasoline fell 3 cents to US$2.66 a gallon.

— Heating oil gained 1 cent to US$2.94 a gallon.

— Natural gas rose 6 cents to US$3.66 per 1,000 cubic feet.

Energy

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Oil hovers near US$94 for 2nd straight week

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