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Crude Oil Recovers Some Losses On Supply Concerns

ByICN.com
Published 01/09/2014, 05:13 AM
Updated 07/09/2023, 06:31 AM
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Crude oil managed to rise above the $92.50 a barrel level amid believes the recent losses may have been excessive. The contract ended on Wednesday at a six-week low after the US dollar hit a seven-week high against a basket of major currencies, making commodities more expensive.

The dollar advanced yesterday after data showed hiring among US companies rose in December to a 13-month high, raising expectations that the government`s December employment report, due on Friday, could be more robust than expected. This may bolster speculation of imminent cuts in the Federal Reserve`s stimulus program.

Prices however, found support on Thursday from the continued concerns over supply from North Africa. Exports from Libya are expected to rise, yet tensions between government forces and armed rebels persist. Officials said yesterday that Libya will stop doing business with any foreign firms that try to buy oil from ports seized by armed protesters.

Meanwhile, total US crude stocks fell for the sixth straight week by 2.68 million barrels in the week to January 3, data from the US Energy Information Administration (EIA) showed yesterday. This was due to as some oil companies delayed imports and cut year-end supplies to reduce taxes.

- WTI crude oil futures for February is trading around $ 92.68 a barrel after rising $0.35

- Brent futures for February settlement is trading around $ 107.44 a barrel after rising $0.29

- Natural gas is trading at $ 4.159 per cubic feet after falling 1.35%

- Gasoline is trading at $ 2.6666 per cubic feet after rising 0.39%

- Heating oil (diesel) is trading at $ 2.956 a gallon after rising 0.22%

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