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Oil prices lower ahead of G8 summit
Source: Agencies |
May 19, 2012, Saturday
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Online Edition
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Crude oil prices fell yesterday ahead of a weekend meeting in which President Barack Obama and leaders of the world's biggest economies will search for ways to help Europe resolve its ongoing debt crisis.
Benchmark US crude fell US$1.08 to finish at US$91.48 per barrel on the New York Mercantile Exchange. Brent crude, which used to price many international varieties of oil, fell 37 US cents to settle at US$107.14 a barrel in London.
A stronger dollar and diminished global demand for oil amid ample supplies also contributed to oil wrapping up the week almost five percent lower.
Obama will convene the session of G8 leaders outside Washington. Concerns persist about Europe's financial problems and the impact they may have on the global economy. A big question is whether political turmoil in Greece could force it out of the group of countries that use the euro.
In other energy futures trading, heating oil fell 1.9 US cents to finish at US$2.83 per gallon, gasoline futures rose 1.13 US cents to end at US$2.89 per gallon and natural gas increased 15 US cents to finish at US$2.74 per 1,000 cubic feet.
Benchmark US crude fell US$1.08 to finish at US$91.48 per barrel on the New York Mercantile Exchange. Brent crude, which used to price many international varieties of oil, fell 37 US cents to settle at US$107.14 a barrel in London.
A stronger dollar and diminished global demand for oil amid ample supplies also contributed to oil wrapping up the week almost five percent lower.
Obama will convene the session of G8 leaders outside Washington. Concerns persist about Europe's financial problems and the impact they may have on the global economy. A big question is whether political turmoil in Greece could force it out of the group of countries that use the euro.
In other energy futures trading, heating oil fell 1.9 US cents to finish at US$2.83 per gallon, gasoline futures rose 1.13 US cents to end at US$2.89 per gallon and natural gas increased 15 US cents to finish at US$2.74 per 1,000 cubic feet.
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