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Oil prices up slightly
Source: Agencies |
September 22, 2012, Saturday
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THE price of oil rose slightly yesterday, but still had its biggest weekly decline since late June as traders are uncertain about the global economy.
Oil got a boost the past few weeks as the US and Europe implemented measures designed to bolster their economies. But demand for oil remains sluggish and supplies are plentiful. Global growth is sluggish, which means less demand for energy products. That led traders to pull back this week, with oil falling $8 per barrel in three days.
Traders have to weigh slower global economic growth against the uncertainty of potential supply disruptions due to unrest in the Middle East. "The market is just trying to find its footings," said Andrew Lebow, senior vice president of energy derivatives at Jefferies Bache LLC.
US benchmark oil rose 47 cents, or 0.5 percent, to settle at US$92.89 a barrel in New York. It fell 6.2 percent for the week.
A weaker dollar lent support to oil and other dollar-denominated commodities.
Brent crude, which is used to price international varieties of oil, rose US$1.39 to US$111.42 per barrel in London. Brent dropped 4.5 percent for the week.
Oil got a boost the past few weeks as the US and Europe implemented measures designed to bolster their economies. But demand for oil remains sluggish and supplies are plentiful. Global growth is sluggish, which means less demand for energy products. That led traders to pull back this week, with oil falling $8 per barrel in three days.
Traders have to weigh slower global economic growth against the uncertainty of potential supply disruptions due to unrest in the Middle East. "The market is just trying to find its footings," said Andrew Lebow, senior vice president of energy derivatives at Jefferies Bache LLC.
US benchmark oil rose 47 cents, or 0.5 percent, to settle at US$92.89 a barrel in New York. It fell 6.2 percent for the week.
A weaker dollar lent support to oil and other dollar-denominated commodities.
Brent crude, which is used to price international varieties of oil, rose US$1.39 to US$111.42 per barrel in London. Brent dropped 4.5 percent for the week.
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