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Oil slips to near US$91 after China tightening move
Source: Agencies |
January 18, 2011, Tuesday
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OIL prices dropped to near US$91 a barrel yesterday as the dollar gained against the euro, and after China's latest curbs on lending raised the prospect of weaker demand for crude.
By early afternoon in Europe, benchmark oil for February delivery was down 39 cents at US$91.15 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 14 cents to settle at US$91.54 a barrel on Friday.
Floor trading was closed in New York due to the Martin Luther King holiday.
The euro fell to US$1.3312 from US$1.3385 late Friday making crude, which is bought and sold in dollars, more expensive for investors holding the European common currency.
China, the world's biggest energy consumer, on late Friday raised the amount of money banks must keep on reserve for the seventh time in a year - its latest move to curb lending and tame inflation.
That suggested China's economic growth could slow further, denting demand for imported oil, which is trading near a two-year high, and other fuels.
Demand in the U.S. is also weaker at this time of year as New Year holidays are over and Americans are driving less. But any positive economic news from the U.S., the world's No. 1 economy, could lift oil to near US$93 a barrel, energy consulting firm Cameron Hanover said in a report.
Oil prices received some support from the monthly report from the Organization of Petroleum Exporting Countries which raised slightly the forecast for demand for its crude.
"In 2011, the demand for OPEC crude is expected to average 29.4 million barrels a day, an increase of 0.4 million barrels a day over the 2010 level and an upward revision of 0.2 million barrels a day over the previous assessment," the Vienna-based group said.
In other Nymex trading in February contracts, heating oil fell 1.19 cents to US$2.6333 a gallon and gasoline dropped 0.52 cent to US$2.4894 a gallon. Natural gas futures lost 0.7 cent to US$4.473 per 1,000 cubic feet.
In London, the March contract for Brent crude was down 51 cents to US$97.87 a barrel on the ICE Futures exchange.
By early afternoon in Europe, benchmark oil for February delivery was down 39 cents at US$91.15 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose 14 cents to settle at US$91.54 a barrel on Friday.
Floor trading was closed in New York due to the Martin Luther King holiday.
The euro fell to US$1.3312 from US$1.3385 late Friday making crude, which is bought and sold in dollars, more expensive for investors holding the European common currency.
China, the world's biggest energy consumer, on late Friday raised the amount of money banks must keep on reserve for the seventh time in a year - its latest move to curb lending and tame inflation.
That suggested China's economic growth could slow further, denting demand for imported oil, which is trading near a two-year high, and other fuels.
Demand in the U.S. is also weaker at this time of year as New Year holidays are over and Americans are driving less. But any positive economic news from the U.S., the world's No. 1 economy, could lift oil to near US$93 a barrel, energy consulting firm Cameron Hanover said in a report.
Oil prices received some support from the monthly report from the Organization of Petroleum Exporting Countries which raised slightly the forecast for demand for its crude.
"In 2011, the demand for OPEC crude is expected to average 29.4 million barrels a day, an increase of 0.4 million barrels a day over the 2010 level and an upward revision of 0.2 million barrels a day over the previous assessment," the Vienna-based group said.
In other Nymex trading in February contracts, heating oil fell 1.19 cents to US$2.6333 a gallon and gasoline dropped 0.52 cent to US$2.4894 a gallon. Natural gas futures lost 0.7 cent to US$4.473 per 1,000 cubic feet.
In London, the March contract for Brent crude was down 51 cents to US$97.87 a barrel on the ICE Futures exchange.
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