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Oil prices hold steady around US$82
Source: Agencies |
March 12, 2010, Friday
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OIL prices stayed put, just above US$82 yesterday, as investors mulled demand uncertainties and a government report that showed America's huge natural gas reserves shrank a little last week.
Benchmark crude for April delivery rose 2 cents to settle at US$82.11 a barrel on the New York Mercantile Exchange. Earlier, prices slid as low as US$81.33 after the Labor Department said workers filing for jobless benefits for the first time fell slightly less than expected. The news raised concerns that continuing high unemployment will crimp oil and gas demand with fewer commuters on the road.
There was also news that China's inflation rate jumped to 2.7 percent in February from 1.5 percent in January. That fueled "speculation that Chinese demand will slow as the government may end stimulus programs in order to tackle rising inflation," said Tradition Energy analyst Addison Armstrong.
Crude oil prices briefly reached an eight-week high of US$83.03 on Wednesday after OPEC predicted world oil demand would grow by 900,000 barrels per day this year but cautioned that its forecast depended on a sustained global economic rebound.
Markets are "still hesitant and for now we are still more or less at the same flat price levels as at the end of last week," said Olivier Jakob of Petromatrix in Switzerland.
The U.S. is still awash in natural gas, although the Energy Information Administration said inventories dropped by 111 billion cubic feet to about 1.63 trillion cubic feet last week. So despite shrinking supplies, natural gas prices fell. April contracts on the Nymex lost 11.5 cents to settle at 4.444 per 1,000 cubic feet.
In other Nymex trading, heating oil was virtually unchanged, settling at US$2.115 a gallon, and gasoline dropped 1.31 cents to end the trading session at US$2.272 a gallon.
In London, Brent crude lost 20 cents to settle at US$80.28 on the ICE futures exchange.
Benchmark crude for April delivery rose 2 cents to settle at US$82.11 a barrel on the New York Mercantile Exchange. Earlier, prices slid as low as US$81.33 after the Labor Department said workers filing for jobless benefits for the first time fell slightly less than expected. The news raised concerns that continuing high unemployment will crimp oil and gas demand with fewer commuters on the road.
There was also news that China's inflation rate jumped to 2.7 percent in February from 1.5 percent in January. That fueled "speculation that Chinese demand will slow as the government may end stimulus programs in order to tackle rising inflation," said Tradition Energy analyst Addison Armstrong.
Crude oil prices briefly reached an eight-week high of US$83.03 on Wednesday after OPEC predicted world oil demand would grow by 900,000 barrels per day this year but cautioned that its forecast depended on a sustained global economic rebound.
Markets are "still hesitant and for now we are still more or less at the same flat price levels as at the end of last week," said Olivier Jakob of Petromatrix in Switzerland.
The U.S. is still awash in natural gas, although the Energy Information Administration said inventories dropped by 111 billion cubic feet to about 1.63 trillion cubic feet last week. So despite shrinking supplies, natural gas prices fell. April contracts on the Nymex lost 11.5 cents to settle at 4.444 per 1,000 cubic feet.
In other Nymex trading, heating oil was virtually unchanged, settling at US$2.115 a gallon, and gasoline dropped 1.31 cents to end the trading session at US$2.272 a gallon.
In London, Brent crude lost 20 cents to settle at US$80.28 on the ICE futures exchange.
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