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Crude Slips To Lowest In A Month After Strong US Data Triggered Taper

ByICN.com
Published 01/03/2014, 04:20 AM
Updated 07/09/2023, 06:31 AM

Crude oil fell more than three dollars on Thursday and is steady around the $95.30 a barrel level on Friday as the fall in the US jobless claims and the expansion in manufacturing added to speculation that the Federal Reserve will further curb stimulus measures after signs of improvement in the US economy, the world’s largest oil consumer.

Yet, losses may be limited today as the Energy Information Administration report today may show that crude stockpiles probably decreased by 2.83 million barrels to 364.7 million last week in the US. Gasoline stockpiles probably rose 1.38 million barrels to 221.2 million and distillates probably rose 750,000 barrels to 114.9 million.

“The strong inventories decline that we had in recent weeks is very likely linked to tax management at year-end than true underlying strength in demand”. Yet “Oil prices could also be slightly more volatile this year than 2013 as supply may outweigh demand although geopolitical risks will underpin prices”, said Mark Keenan from Societe Generale.
 
Investors are now watching production in Libya which has dropped to around 220,000 barrels per day from 1.4 million bpd in July as ports in the eastern part of the country remain shut, while in South Sudan tensions persist as President Salva Kiir declared a state of emergency in two states on Wednesday.
 
- WTI crude oil futures for February is trading around $ 95.36 a barrel after falling $0.08
 
- Brent futures for February settlement is trading around $ 108.02 a barrel after rising $0.24
 
- Natural gas is trading at $ 4.291 per cubic feet after falling 0.69%
 
- Gasoline is trading at $ 2.6974 per cubic feet after rising 0.09%
 
- Heating oil (diesel) is trading at $ 2.9976 a gallon after rising 0.36%

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