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Oil prices dip below US$99 a barrel
Source: Agencies |
January 31, 2012, Tuesday
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Online Edition
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OIL prices ended lower yesterday on concerns that the US economy could slow, and investors' worries eased about supply disruptions in the Persian Gulf.
Benchmark crude fell by 78 cents to finish at US$98.78 per barrel in New York yesterday. Brent crude, which is used to price foreign oils that are imported by US refineries, lost 71 cents to end at US$110.75 per barrel in London.
The Commerce Department said Americans kept a tighter grip on their wallets in December. Consumer spending was flat, even though incomes rose by the most in nine months. The economy relies heavily on consumer spending, and analysts say the economic recovery could stall and energy demand may stay weak if spending doesn't pick up.
Meanwhile, Iran welcomed international weapons experts into the country in hopes of refuting claims that it is building a nuclear weapon. That eased concerns about possible military action in the region. Still, Europe plans to embargo Iranian oil this summer to pressure Iran about its nuclear program. If that happens, Iran says it could retaliate by blocking passage through the Persian Gulf, where tankers carry one-sixth of the world's oil exports.
The US is ready to implement sanctions on Iran's central bank that will make it harder for Iran to sell oil.
In other energy trading, heating oil fell 2 cents to finish at US$3.05 per gallon and gasoline futures fell 6 cents to end at US$2.87 per gallon. Natural gas futures fell 4 cents to end the day at US$2.71 per 1,000 cubic feet.
Benchmark crude fell by 78 cents to finish at US$98.78 per barrel in New York yesterday. Brent crude, which is used to price foreign oils that are imported by US refineries, lost 71 cents to end at US$110.75 per barrel in London.
The Commerce Department said Americans kept a tighter grip on their wallets in December. Consumer spending was flat, even though incomes rose by the most in nine months. The economy relies heavily on consumer spending, and analysts say the economic recovery could stall and energy demand may stay weak if spending doesn't pick up.
Meanwhile, Iran welcomed international weapons experts into the country in hopes of refuting claims that it is building a nuclear weapon. That eased concerns about possible military action in the region. Still, Europe plans to embargo Iranian oil this summer to pressure Iran about its nuclear program. If that happens, Iran says it could retaliate by blocking passage through the Persian Gulf, where tankers carry one-sixth of the world's oil exports.
The US is ready to implement sanctions on Iran's central bank that will make it harder for Iran to sell oil.
In other energy trading, heating oil fell 2 cents to finish at US$3.05 per gallon and gasoline futures fell 6 cents to end at US$2.87 per gallon. Natural gas futures fell 4 cents to end the day at US$2.71 per 1,000 cubic feet.
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