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Oil price dips, trading muted on US public holiday
Source: Agencies |
January 22, 2013, Tuesday
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Online Edition
Online Edition
THE price of crude oil slipped closer to US$95 a barrel yesterday, with energy investors keeping to the sidelines as US markets were closed for Martin Luther King, Jr. Day.
Benchmark oil for February delivery fell 9 cents to settle at US$95.47 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 7 cents to finish at US$95.56 per barrel on the Nymex on Friday.
"Due to the lack of major economic indicators, investors will be looking for some direction to the global equity markets and the US dollar movements," said a report from Sucden Financial Research in London.
A stronger dollar tends to put pressure on oil prices by making crude more expensive for traders using other currencies. Yesterday the euro was down against the dollar, to US$1.3314 from US$1.3375 on Friday.
A rise in stock markets did help limit losses in commodity markets, but sentiment remained fragile.
Concerns linger about the US economy, with lawmakers wrangling over spending cuts and the nation's debt ceiling, which limits the amount of debt that US government can take on. Though Republican lawmakers were expected to accept a temporary increase, a final deal is still not in sight.
Brent crude, used to price international varieties of oil, fell 9 cents to US$11.80 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Natural gas added 6 cents to US$3.63 per 1,000 cubic feet.
- Wholesale gasoline rose a fraction of a cent to US$2.798 per gallon.
- Heating oil rose 2 cents to US$3.072 a gallon.
Benchmark oil for February delivery fell 9 cents to settle at US$95.47 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 7 cents to finish at US$95.56 per barrel on the Nymex on Friday.
"Due to the lack of major economic indicators, investors will be looking for some direction to the global equity markets and the US dollar movements," said a report from Sucden Financial Research in London.
A stronger dollar tends to put pressure on oil prices by making crude more expensive for traders using other currencies. Yesterday the euro was down against the dollar, to US$1.3314 from US$1.3375 on Friday.
A rise in stock markets did help limit losses in commodity markets, but sentiment remained fragile.
Concerns linger about the US economy, with lawmakers wrangling over spending cuts and the nation's debt ceiling, which limits the amount of debt that US government can take on. Though Republican lawmakers were expected to accept a temporary increase, a final deal is still not in sight.
Brent crude, used to price international varieties of oil, fell 9 cents to US$11.80 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Natural gas added 6 cents to US$3.63 per 1,000 cubic feet.
- Wholesale gasoline rose a fraction of a cent to US$2.798 per gallon.
- Heating oil rose 2 cents to US$3.072 a gallon.
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