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Oil prices volatile, but end where they began
Source: Agencies |
October 18, 2012, Thursday
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THE price of oil bounced around yesterday but finished almost where it began.
Benchmark U.S. oil gained 3 cents to settle at US$92.12 a barrel. It rose as high as US$92.85 in the morning after gains in European stocks. But then the price dipped after the US government reported a bigger-than-expected increase in US crude supplies.
Supplies rose by 2.9 million barrels last week. That was almost double what analysts had forecast, according to Platts, the energy information arm of McGraw-Hill Cos.
Gasoline supplies also rose. Analysts had predicted a decline.
The extra gasoline and oil in storage tends to push prices down, because it suggests that there's enough to go around, or that demand is low.
Brent crude, which is used to price international varieties of oil, fell 78 cents to finish at US$113.22 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Heating oil fell almost a penny to US$3.1894 per gallon.
- Natural gas gained 3.3 cents to US$3.47 per 1,000 cubic feet.
- Wholesale gasoline fell 6.4 cents to US$2.7817 per gallon.
Benchmark U.S. oil gained 3 cents to settle at US$92.12 a barrel. It rose as high as US$92.85 in the morning after gains in European stocks. But then the price dipped after the US government reported a bigger-than-expected increase in US crude supplies.
Supplies rose by 2.9 million barrels last week. That was almost double what analysts had forecast, according to Platts, the energy information arm of McGraw-Hill Cos.
Gasoline supplies also rose. Analysts had predicted a decline.
The extra gasoline and oil in storage tends to push prices down, because it suggests that there's enough to go around, or that demand is low.
Brent crude, which is used to price international varieties of oil, fell 78 cents to finish at US$113.22 per barrel on the ICE Futures exchange in London.
In other energy futures trading on the Nymex:
- Heating oil fell almost a penny to US$3.1894 per gallon.
- Natural gas gained 3.3 cents to US$3.47 per 1,000 cubic feet.
- Wholesale gasoline fell 6.4 cents to US$2.7817 per gallon.
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