Related News
Oil prices lower in quiet holiday trading
Source: Agencies |
December 25, 2012, Tuesday
|
Print Edition
Print Edition
THE price of oil fell slightly Monday during a shortened pre-Christmas trading day.
Concerns over the political stalemate in Washington continue to be the focus of traders, with the price of US benchmark oil closing down 5 cents to US$88.61 a barrel on the New York Mercantile Exchange.
Energy traders have been watching Democrats and Republicans clash over tax hikes and social service cuts. Normally, recent good economic data would signal more energy consumption and higher prices. But fears about the "fiscal cliff" have so far tempered prices, according to Phil Flynn of The Price Future Group.
"Because of the holiday, a lot of people are sitting on the sidelines," Flynn said. "We've priced in those scenarios and now we're just waiting for something definitive."
The average US price for gasoline rose 1.5 cents over the weekend to US$3.247 a gallon. Regular unleaded costs nearly two cents more than a year ago.
In other energy futures trading:
- Brent crude, used to price international varieties of oil, fell 17 cents to US$108.80 a barrel.
- Natural gas fell 10.5 cents to US$3.346 per 1,000 cubic feet.
- Heating oil eased 2 cents to US$3.00 a gallon.
- Wholesale gasoline rose 1.6 cents to US$2.75 a gallon.
Concerns over the political stalemate in Washington continue to be the focus of traders, with the price of US benchmark oil closing down 5 cents to US$88.61 a barrel on the New York Mercantile Exchange.
Energy traders have been watching Democrats and Republicans clash over tax hikes and social service cuts. Normally, recent good economic data would signal more energy consumption and higher prices. But fears about the "fiscal cliff" have so far tempered prices, according to Phil Flynn of The Price Future Group.
"Because of the holiday, a lot of people are sitting on the sidelines," Flynn said. "We've priced in those scenarios and now we're just waiting for something definitive."
The average US price for gasoline rose 1.5 cents over the weekend to US$3.247 a gallon. Regular unleaded costs nearly two cents more than a year ago.
In other energy futures trading:
- Brent crude, used to price international varieties of oil, fell 17 cents to US$108.80 a barrel.
- Natural gas fell 10.5 cents to US$3.346 per 1,000 cubic feet.
- Heating oil eased 2 cents to US$3.00 a gallon.
- Wholesale gasoline rose 1.6 cents to US$2.75 a gallon.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
