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Oil prices rise after year's biggest drop
Source: Agencies |
November 9, 2012, Friday
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OIL prices rose above US$85 per barrel yesterday as US postelection volatility continued.
Crude oil rose 65 cents to close at US$85.09 on the New York Mercantile Exchange. That followed a decline of 5 percent on Wednesday, when traders were spooked by worries about budget negotiations in the US Analysts also say that oil supplies and production are high, which tends to drive down prices.
Oil analyst Jim Ritterbusch wrote in a note that he expects this week's price volatility to subside, but there's still a bias toward new lows. The US has large inventories of oil and production is at 17-year highs, he wrote.
In other trading, Brent crude, which is used to price international varieties of oil, gained 51 cents to US$107.33 per barrel in London.
In other energy futures trading in New York:
- Wholesale gasoline rose 1.84 cents to US$2.6073 per gallon.
- Heating oil fell 0.67 cent to US$2.9554 per gallon.
- Natural gas rose 3 cents to US$3.608 per 1,000 cubic feet. The government said supplies rose less than analysts had expected, but inventories are still 6.6 percent above the five-year average for this time of year.
Crude oil rose 65 cents to close at US$85.09 on the New York Mercantile Exchange. That followed a decline of 5 percent on Wednesday, when traders were spooked by worries about budget negotiations in the US Analysts also say that oil supplies and production are high, which tends to drive down prices.
Oil analyst Jim Ritterbusch wrote in a note that he expects this week's price volatility to subside, but there's still a bias toward new lows. The US has large inventories of oil and production is at 17-year highs, he wrote.
In other trading, Brent crude, which is used to price international varieties of oil, gained 51 cents to US$107.33 per barrel in London.
In other energy futures trading in New York:
- Wholesale gasoline rose 1.84 cents to US$2.6073 per gallon.
- Heating oil fell 0.67 cent to US$2.9554 per gallon.
- Natural gas rose 3 cents to US$3.608 per 1,000 cubic feet. The government said supplies rose less than analysts had expected, but inventories are still 6.6 percent above the five-year average for this time of year.
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