Oil near US$94 as traders eye supply data

Source: Agencies | November 14, 2013, Thursday |

Online Edition

Oil rose near US$94 a barrel yesterday, a day after falling to a five-month low.

Benchmark US crude for December delivery gained 84 cents to close US$93.88 on the New York Mercantile Exchange. That followed Tuesday's drop of US$2.10 a barrel, which was the sharpest one-day decline since Sept. 10.

Oil is still down US$8.53, or 8.3 percent, in the past month. Traders say further declines are likely. Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates, said in a note to clients that while oil could push back above US$95, he expects it to decline to around US$87-US$88 at some point.

Traders are waiting for the latest data on US crude stocks. Data for the week ended Nov. 8, due today, are expected to show an increase in crude oil stocks of 1.8 million barrels, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos. That would mark the eighth straight weekly increase.

Meanwhile, Brent crude, the international benchmark, added US$1.31 to US$107.12 a barrel on the ICE exchange in London.

Brent's advance was attributed mostly to continued unrest in Libya, were protests, strikes and production snags have prevented the country's oil industry — a key supplier to Europe — from stabilizing production anywhere near levels before the eight-month civil war in 2011.

In the US, the average price for a gallon of gasoline rose 1 cent to US$3.19 a gallon. That's still down 15 cents from a month ago and 25 cents cheaper than at this time last year.

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 near US$94 as traders eye supply data

Email this to your friend