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Oil prices turn lower on Europe
Source: Agencies |
August 21, 2012, Tuesday
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OIL fell slightly in New York trading yesterday after four days of gains on more concerns about Europe's economy.
European leaders are beginning a series of discussions that could determine Greece's future and the stability of the 17 countries that use the euro.
US benchmark oil dropped 4 cents to US$95.97 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, slipped a penny to US$113.70 per barrel in London.
In a report issued yesterday, the German central bank questioned the wisdom of having the European Central Bank buy bonds to help the struggling European economies. It stressed that such purchases could carry "substantial risks."
Meanwhile, Greece has fallen behind on implementing reforms and austerity measures, fueling impatience in Germany and other eurozone countries.
Earlier in the session, oil prices rose and hit a day high of US$96.53 a barrel, on the back of rising consumer confidence in the US economy.
Crude oil has risen to US$96 a barrel from a low of US$78 in late June. Investors have worried about disruption to oil supplies in the Middle East and North Sea. In the US, there were problems with refineries and pipelines in the West Coast and Midwest, including a fire in California.
Other closing futures prices in New York:
- Heating oil was flat at US$3.09 per gallon.
- Wholesale gasoline rose less than a penny to US$3.03 per gallon.
- Natural gas rose 5.7 cents to US$2.776 per 1,000 cubic feet.
European leaders are beginning a series of discussions that could determine Greece's future and the stability of the 17 countries that use the euro.
US benchmark oil dropped 4 cents to US$95.97 per barrel on the New York Mercantile Exchange. Brent crude, which is used to price international varieties of oil, slipped a penny to US$113.70 per barrel in London.
In a report issued yesterday, the German central bank questioned the wisdom of having the European Central Bank buy bonds to help the struggling European economies. It stressed that such purchases could carry "substantial risks."
Meanwhile, Greece has fallen behind on implementing reforms and austerity measures, fueling impatience in Germany and other eurozone countries.
Earlier in the session, oil prices rose and hit a day high of US$96.53 a barrel, on the back of rising consumer confidence in the US economy.
Crude oil has risen to US$96 a barrel from a low of US$78 in late June. Investors have worried about disruption to oil supplies in the Middle East and North Sea. In the US, there were problems with refineries and pipelines in the West Coast and Midwest, including a fire in California.
Other closing futures prices in New York:
- Heating oil was flat at US$3.09 per gallon.
- Wholesale gasoline rose less than a penny to US$3.03 per gallon.
- Natural gas rose 5.7 cents to US$2.776 per 1,000 cubic feet.
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