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Oil prices fall with Europe debt plan elusive
Source: Agencies |
October 18, 2011, Tuesday
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OIL prices fell yesterday as Europe's ongoing debt crisis fueled concerns about future energy demand.
Benchmark crude finished down 42 cents at US$86.38 per barrel in New York, while Brent crude, used to price international varieties of oil, fell US$2.07 to end at US$110.16 a barrel in London.
Oil has tumbled about 24 percent since May on fears of a slowdown in the global economy. Investors focused on weak gasoline demand in the US and budget problems in Greece.
Prices had started to rise last week as European leaders appeared to be near a turning point. German finance chief Wolfgang Schaeuble yesterday dampened expectations that they'd hammer out a comprehensive solution at an upcoming summit.
Meanwhile, US factories produced more goods in September for the third month. The 0.4 percent increase in factory output was taken as a sign that the economy is still growing, albeit slowly.
In other energy trading, heating oil lost 4.2 cents to finish at US$3.0136 per gallon and gasoline futures lost 8.18 cents to end at US$2.7429 per gallon. Natural gas lost 1.5 cents to finish the day at US$3.688 per 1,000 cubic feet.
Benchmark crude finished down 42 cents at US$86.38 per barrel in New York, while Brent crude, used to price international varieties of oil, fell US$2.07 to end at US$110.16 a barrel in London.
Oil has tumbled about 24 percent since May on fears of a slowdown in the global economy. Investors focused on weak gasoline demand in the US and budget problems in Greece.
Prices had started to rise last week as European leaders appeared to be near a turning point. German finance chief Wolfgang Schaeuble yesterday dampened expectations that they'd hammer out a comprehensive solution at an upcoming summit.
Meanwhile, US factories produced more goods in September for the third month. The 0.4 percent increase in factory output was taken as a sign that the economy is still growing, albeit slowly.
In other energy trading, heating oil lost 4.2 cents to finish at US$3.0136 per gallon and gasoline futures lost 8.18 cents to end at US$2.7429 per gallon. Natural gas lost 1.5 cents to finish the day at US$3.688 per 1,000 cubic feet.
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