Related News
Oil settles day higher but lower on the week
Source: Agencies |
August 6, 2011, Saturday
|
Online Edition
Online Edition
OIL settled higher yesterday after a tug-of-war session in which investors initially shrugged off US job gains focusing instead on lingering concerns about the global economy.
Crude futures ended the week at US$86.88 per barrel, up from US$86.63 on Thursday, on the New York Mercantile Exchange - a US$8.82 drop from the week before.
Benchmark West Texas Intermediate crude has declined US$12.71, about 13 percent, in the last 10 days. A drop in oil on Thursday outpaced a similar tumble in stocks, losing nearly 6 percent, its biggest one-day decline in three months.
Prices tumbled as a series of weak economic data rolled in. The US said the economy grew only 1.3 percent in the second quarter, while manufacturing reports pointed to weaker activity in the US and China. The US debt ceiling debate ended with plans to cut spending by US$2.4 trillion over the next decade, while Europe continued to struggles with enormous debt.
Another recession, investors feared, could be right around the corner.
"There's just a lot of pessimism out there now," Andrew Lebow, a senior vice president and oil broker at MF Global.
A decline in the US unemployment rate to 9.1 percent was one bright spot yesterday.
Brent crude, which is used to price many international varieties, also climbed US$2.12 to settle at US$109.37 per barrel on the ICE Futures Exchange in London. That wasn't because of an expectation for increased oil demand, however. An oil pipeline exploded in Iran, potentially impacting oil supplies for the world's third-largest oil exporter. The cause of the blast is still under investigation.
In other Nymex trading for September contracts, heating oil added 4.78 cents to US$2.9417 per gallon and gasoline futures rose 6.8 cents to settle at US$2.8052 per gallon. Natural gas was unchanged, settling at US$3.941 per 1,000 cubic feet.
Crude futures ended the week at US$86.88 per barrel, up from US$86.63 on Thursday, on the New York Mercantile Exchange - a US$8.82 drop from the week before.
Benchmark West Texas Intermediate crude has declined US$12.71, about 13 percent, in the last 10 days. A drop in oil on Thursday outpaced a similar tumble in stocks, losing nearly 6 percent, its biggest one-day decline in three months.
Prices tumbled as a series of weak economic data rolled in. The US said the economy grew only 1.3 percent in the second quarter, while manufacturing reports pointed to weaker activity in the US and China. The US debt ceiling debate ended with plans to cut spending by US$2.4 trillion over the next decade, while Europe continued to struggles with enormous debt.
Another recession, investors feared, could be right around the corner.
"There's just a lot of pessimism out there now," Andrew Lebow, a senior vice president and oil broker at MF Global.
A decline in the US unemployment rate to 9.1 percent was one bright spot yesterday.
Brent crude, which is used to price many international varieties, also climbed US$2.12 to settle at US$109.37 per barrel on the ICE Futures Exchange in London. That wasn't because of an expectation for increased oil demand, however. An oil pipeline exploded in Iran, potentially impacting oil supplies for the world's third-largest oil exporter. The cause of the blast is still under investigation.
In other Nymex trading for September contracts, heating oil added 4.78 cents to US$2.9417 per gallon and gasoline futures rose 6.8 cents to settle at US$2.8052 per gallon. Natural gas was unchanged, settling at US$3.941 per 1,000 cubic feet.
- 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.
