Press Esc to close
Sunday 19 February 2017
News updated at 5:24 PM IST
Weather
Max: 29.3°C
Min : 15.9°C
In Bengaluru
clear sky

Oil prices weaken after US energy report

London, Jan 9, 2013, (AFP):
File photo. For representation purpose only
Global oil prices weakened today, erasing gains seen earlier in the day on news of a sharp drop in demand in top crude consumer the United States.

Brent North Sea crude for delivery in February declined by 39 cents to USD 111.55 a barrel in London late afternoon trade.

New York's main contract, light sweet crude for February or West Texas Intermediate (WTI), reversed nine cents to USD 93.06 per barrel.

"Crude oil turned lower in the afternoon after making a positive start," said analyst Fawad Razaqzada at trading firm GFT Markets.

"The reversal came after the EIA said inventories rose by 1.3 million barrels last week. The build suggests demand is not quite as strong and supply remains abundant in the United States.

"Looking forward to the remainder of the week, we will have important data releases from China, the world's second largest consumer of oil. Any good numbers there will be seen as oil-positive."

The US government's Energy Information Administration (EIA) announced that American crude oil stocks grew by 1.3 million barrels in the week ending January 4.

However, this undershot market expectations for a 2.2-million-barrel gain, according to analysts polled by Dow Jones Newswires.

The EIA added that gasoline or petrol stockpiles surged by 7.4 million barrels. That was far higher than forecasts for a rise of 2.1 million barrels. Reserves of distillates -- which include diesel and heating fuel -- soared 6.8 million barrels, well beyond the expected 1.4-million-barrel increase.

Crude futures also fell today on lingering concerns over the American economy despite better-than-expected earnings from aluminium giant Alcoa, analysts said.

Global markets have shifted their attention from the US fiscal debate to corporate earnings to gauge the health of the world's biggest economy and largest oil consuming nation going into 2013, analysts said.

 

Go to Top

Photo Gallery
Theater Person Lakshmi Chandrashekar in an interview to Prajavani Metro for ' Naa Kanda...

Theater Person Lakshmi Chandrashekar in an interview to Prajavani Metro for ' Naa Kanda...

A n aircraft take off in a backdrop of sun set on the last day of the 11th biennial edition...

A n aircraft take off in a backdrop of sun set on the last day of the 11th biennial edition...

A Truck caught fire , at Road in Tinsukia, Assam on Saturday...

A Truck caught fire , at Road in Tinsukia, Assam on Saturday...

Virat Kohli speaks at 49th All India Central Revenue Sports Meet ...

Virat Kohli speaks at 49th All India Central Revenue Sports Meet ...

Indian Air Force's helicopter aerobatic team 'Sarang' on the last day of the 11th Biennial edition..

Indian Air Force's helicopter aerobatic team 'Sarang' on the last day of the 11th Biennial edition..

Skycat Wingwalkers, the Scandinavian aerobatic team, makes a heart on the last day of AERO INDIA...

Skycat Wingwalkers, the Scandinavian aerobatic team, makes a heart on the last day of AERO INDIA...

A three-months-old hippopotamus is seen with its mother Pippa at the Le Cornelle Animal Park...

A three-months-old hippopotamus is seen with its mother Pippa at the Le Cornelle Animal Park...

Bollywood actor Neil Nitin Mukesh with his wife Rukmini during their wedding reception in Mumbai...

Bollywood actor Neil Nitin Mukesh with his wife Rukmini during their wedding reception in Mumbai...

A ball of fire from explosives goes up during the ongoing U.S.-Thai joint military exercise...

A ball of fire from explosives goes up during the ongoing U.S.-Thai joint military exercise...

Sibrerian birds frolic over Narmda River waters in Jabalpur...

Sibrerian birds frolic over Narmda River waters in Jabalpur...

Like us on Facebook

Copyright 2017, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523