Oil slips below US$99 a barrel

Source: Agencies | December 24, 2013, Tuesday |

Online Edition

The price of oil slipped a bit yesterday after gaining more than US$2 last week.

Benchmark US oil for February delivery dropped 41 cents to close at US$98.91 a barrel on the New York Mercantile Exchange. Trading was thinner than usual because of the approaching holidays.

Last week, oil rose nearly 3 percent, largely because of signs of improvement in the US economy. Positive economic news and a corresponding increase in demand have some analysts predicting that oil will soon top US$100 a barrel for the first time since mid-October.

Brent crude, a benchmark used to price international crudes used by many US refiners, fell 21 cents to US$111.56 in London.

In other energy futures trading:

— Wholesale gasoline was flat at US$2.78 a gallon.

— Heating oil lost 2 cents to US$3.06 a gallon.

— Natural gas added 5 cents to US$4.46 per thousand cubic feet.

Energy

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Oil slips below US$99 a barrel

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