Crude oil fell on Wednesday after the sharp gains enjoyed yesterday when prices surpassed the $98.50 level, yet crude holds near the highest since October after data showed that crude inventories fell for the second week in the US, the world’s biggest oil consumer.
The American Petroleum Institute showed yesterday that crude stockpiles shrank by 7.5 million barrels last week, while data today from the Energy Information Administration may show supplies dropped by 3 million, which may prevent crude prices from falling further.
In Libya, holder of Africa’s biggest oil reserves, the head of the Petroleum Facilities Guard, Brigadier Idris Bukhamada, said Es Sider and Ras Lanuf ports, with a combined capacity of 600,000 barrels a day, and Zueitina port, will restart this month, weighing on prices.
Prices also fell amid the rising caution before the Fed’s monetary policy meeting on December 17-18, as investors expect officials to start curbing its bond buying program as the recent data improved the outlook for the US economic growth.
Investors are also keeping an eye on the progress of talks between Tehran and and six world powers over the implementation of the historic nuclear deal that could ease sanctions on Iranian oil and increase supply, which could add downside pressures on prices.
- WTI crude oil futures for January is trading around $ 98.43 a barrel after falling $0.08
- Brent futures for January settlement is trading around $ 109.35 a barrel after falling $0.01
- Natural gas is trading at $ 4.251 per cubic feet after rising 0.33%
- Gasoline is trading at $ 2.6722 per cubic feet after falling 0.40%
- Heating oil (diesel) is trading at $ 3.018 a gallon after rising 0.02%
- English (UK)
- English (India)
- English (Canada)
- English (Australia)
- English (South Africa)
- English (Philippines)
- English (Nigeria)
- Deutsch
- Español (España)
- Español (México)
- Français
- Italiano
- Nederlands
- Português (Portugal)
- Polski
- Português (Brasil)
- Русский
- Türkçe
- العربية
- Ελληνικά
- Svenska
- Suomi
- עברית
- 日本語
- 한국어
- 简体中文
- 繁體中文
- Bahasa Indonesia
- Bahasa Melayu
- ไทย
- Tiếng Việt
- हिंदी
Crude Takes A Breath After Rally But Holds At Highest Since October
Published 12/11/2013, 04:37 AM
Updated 07/09/2023, 06:31 AM
Crude Takes A Breath After Rally But Holds At Highest Since October
Latest comments
Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.