Related News
Oil zig-zags on Iran, world economy concerns
Source: Agencies |
March 27, 2012, Tuesday
|
Online Edition
Online Edition
OIL prices zig-zagged yesterday as investors weighed concerns over global economic growth against possible disruptions in crude supplies due to an international standoff over Iran's nuclear program.
Benchmark oil for May delivery rose 16 cents to settle at US$107.03 a barrel on the New York Mercantile Exchange. It hit a day high of US$107.33 and a low of US$106.19 earlier in the session.
In London, Brent crude for May delivery added 52 cents to finish at US$125.62 per barrel on the ICE Futures exchange.
Oil has been rising this year as Western nations confront Iran over its nuclear program. They fear that Iran is building a weapon, though it denies the claim. Western leaders are trying to cut off Iran's oil revenues through a variety of sanctions, in hopes of forcing it to negotiate.
But signs of tepid crude demand in the US and Europe and slowing economic growth in China were limiting gains and weighing on equity markets. Analysts are also concerned that higher fuel costs will undermine consumer spending and trigger inflation
Representatives from the US and five other nations are expected to meet with Iran in April for a new round of talks about its nuclear program, diplomats told The Associated Press. The country turned away international inspectors in February.
Meanwhile, natural gas futures hit a new 10-year low, giving up 4.9 cents to end the day at US$2.226 per 1,000 cubic feet.
Natural gas has plummeted this year due to a recent production boom and unseasonably warm temperatures. Analysts say that US has so much gas that storage facilities may run out of space.
"If there isn't any place to put it, then (producers) are going to be burning it off instead," PFGBest analyst Phil Flynn said.
In other energy trading, heating oil added 1.87 cents to finish at US$3.2288 per gallon and gasoline futures increased by 3.14 cents to end at US$3.4166 per gallon.
Benchmark oil for May delivery rose 16 cents to settle at US$107.03 a barrel on the New York Mercantile Exchange. It hit a day high of US$107.33 and a low of US$106.19 earlier in the session.
In London, Brent crude for May delivery added 52 cents to finish at US$125.62 per barrel on the ICE Futures exchange.
Oil has been rising this year as Western nations confront Iran over its nuclear program. They fear that Iran is building a weapon, though it denies the claim. Western leaders are trying to cut off Iran's oil revenues through a variety of sanctions, in hopes of forcing it to negotiate.
But signs of tepid crude demand in the US and Europe and slowing economic growth in China were limiting gains and weighing on equity markets. Analysts are also concerned that higher fuel costs will undermine consumer spending and trigger inflation
Representatives from the US and five other nations are expected to meet with Iran in April for a new round of talks about its nuclear program, diplomats told The Associated Press. The country turned away international inspectors in February.
Meanwhile, natural gas futures hit a new 10-year low, giving up 4.9 cents to end the day at US$2.226 per 1,000 cubic feet.
Natural gas has plummeted this year due to a recent production boom and unseasonably warm temperatures. Analysts say that US has so much gas that storage facilities may run out of space.
"If there isn't any place to put it, then (producers) are going to be burning it off instead," PFGBest analyst Phil Flynn said.
In other energy trading, heating oil added 1.87 cents to finish at US$3.2288 per gallon and gasoline futures increased by 3.14 cents to end at US$3.4166 per 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.
