Related News
Oil slips after holiday sales data, Greece deal
Source: Agencies |
November 28, 2012, Wednesday
|
Online Edition
Online Edition
OIL prices fell yesterday as traders remained unsure whether positive US economic news signals an increase in fuel demand.
Traders weighed news that might have been expected to push oil prices higher. US holiday spending and consumer confidence both rose. And negotiations over the next installment on Greece's bailout proved successful.
However, some analysts warned that it's still not clear that demand for oil is picking up.
Oil prices could get a short-term lift from the Greece deal, said Edward Bell, a commodities analyst at the Economist Intelligence Unit. Indeed, oil rose in overnight trading after the Greek deal was announced. But prices turned negative in morning trading in the US.
Benchmark crude fell 56 cents to close at US$87.18 a barrel on the New York Mercantile Exchange.
"The eurozone has not yet escaped its economic woes and there are no clear signs of a recovery in demand, meaning we expect there will be a drag on oil prices going into 2013," Bell said.
Brent crude, which is used to set prices for many international varieties of oil, fell US$1.05 to US$109.87 a barrel on London's ICE Futures exchange.
In other energy futures trading on the Nymex:
- Wholesale gasoline for December delivery rose 0.58 cent to US$2.7321 a gallon.
- Natural gas rose 3.9 cents to US$3.769 per 1,000 cubic feet.
- Heating oil fell 3.71 cents to US$3.0094 a gallon.
Traders weighed news that might have been expected to push oil prices higher. US holiday spending and consumer confidence both rose. And negotiations over the next installment on Greece's bailout proved successful.
However, some analysts warned that it's still not clear that demand for oil is picking up.
Oil prices could get a short-term lift from the Greece deal, said Edward Bell, a commodities analyst at the Economist Intelligence Unit. Indeed, oil rose in overnight trading after the Greek deal was announced. But prices turned negative in morning trading in the US.
Benchmark crude fell 56 cents to close at US$87.18 a barrel on the New York Mercantile Exchange.
"The eurozone has not yet escaped its economic woes and there are no clear signs of a recovery in demand, meaning we expect there will be a drag on oil prices going into 2013," Bell said.
Brent crude, which is used to set prices for many international varieties of oil, fell US$1.05 to US$109.87 a barrel on London's ICE Futures exchange.
In other energy futures trading on the Nymex:
- Wholesale gasoline for December delivery rose 0.58 cent to US$2.7321 a gallon.
- Natural gas rose 3.9 cents to US$3.769 per 1,000 cubic feet.
- Heating oil fell 3.71 cents to US$3.0094 a gallon.
- 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.
