Related News
Oil rises above US$91 in light end-of-year trading
Source: Agencies |
December 29, 2010, Wednesday
|
Online Edition
Online Edition
OIL prices rose above US$91 a barrel yesterday in the final week of trading before the new year.
Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said.
Benchmark crude for February delivery rose 49 cents to settle at US$91.49 a barrel on the New York Mercantile Exchange.
The volume of trading is expected to spike in the first few weeks of 2011. Several large investment banks have predicted that oil will hit US$100 next year as China, India and other emerging economies compete with developed countries and tighten the world's oil supply.
OPEC has said it would not meet anytime soon to discuss boosting production, but some experts say prices may still be in for a slide. China recently increased interest rates to control inflation and that could cool off its economy.
"They're trying to temper consumption, and that's going to temper oil prices," Schork said.
U.S. gasoline prices have been tugged higher this month as oil surged to new two-year highs. The average pump price added less than a penny overnight to US$3.049 a gallon (80 cents a liter), according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 44.6 cents more expensive than the same time last year.
In other Nymex trading in January contracts: heating oil added less than a penny to settle at US$2.5243 per gallon; gasoline futures gave up 1.53 cents to settle at US$2.4056 per gallon and natural gas added 10.4 cents to settle at US$4.216 per 1,000 cubic feet.
In London, Brent crude added 53 cents to settle at US$94.38 a barrel on the ICE Futures exchange.
Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said.
Benchmark crude for February delivery rose 49 cents to settle at US$91.49 a barrel on the New York Mercantile Exchange.
The volume of trading is expected to spike in the first few weeks of 2011. Several large investment banks have predicted that oil will hit US$100 next year as China, India and other emerging economies compete with developed countries and tighten the world's oil supply.
OPEC has said it would not meet anytime soon to discuss boosting production, but some experts say prices may still be in for a slide. China recently increased interest rates to control inflation and that could cool off its economy.
"They're trying to temper consumption, and that's going to temper oil prices," Schork said.
U.S. gasoline prices have been tugged higher this month as oil surged to new two-year highs. The average pump price added less than a penny overnight to US$3.049 a gallon (80 cents a liter), according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of regular unleaded is 44.6 cents more expensive than the same time last year.
In other Nymex trading in January contracts: heating oil added less than a penny to settle at US$2.5243 per gallon; gasoline futures gave up 1.53 cents to settle at US$2.4056 per gallon and natural gas added 10.4 cents to settle at US$4.216 per 1,000 cubic feet.
In London, Brent crude added 53 cents to settle at US$94.38 a barrel on the ICE Futures exchange.
- 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.
