Press Esc to close
Tuesday 01 September 2015
News updated at 9:29 PM IST
Weather
Max: 29.4°C
Min : 21.1°C
In Bengaluru
Sunny day

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
women's 2000M Dragon Boat race event at the 4th National Dragon Boat Championship...

women's 2000M Dragon Boat race event at the 4th National Dragon Boat Championship...

Launch of Ciaz Smart Hybrid in New Delhi...

Launch of Ciaz Smart Hybrid in New Delhi...

Iris Maju is crowned as Mrs India World 2015 in Kochi on Tuesday...

Iris Maju is crowned as Mrs India World 2015 in Kochi on Tuesday...

Activist of AASU burn tyres during a protest at Margherita in Tinsukia district...

Activist of AASU burn tyres during a protest at Margherita in Tinsukia district...

Narendra Modi leaves in a chopper after NDA's Parivartan Rally at the Airport Ground in Bhagalpur...

Narendra Modi leaves in a chopper after NDA's Parivartan Rally at the Airport Ground in Bhagalpur...

A artist giving final touches to the Ganesha idol ahead of Ganesha Chathurthi Festival...

A artist giving final touches to the Ganesha idol ahead of Ganesha Chathurthi Festival...

Vehicle riders watch as two decorated elephants pass near Shanthala theatre...

Vehicle riders watch as two decorated elephants pass near Shanthala theatre...

Eunuchs carry wheat saplings on their heads during a procession taken out to celebrate Bhujaria  ...

Eunuchs carry wheat saplings on their heads during a procession taken out to celebrate Bhujaria ...

Local members of Shiv Sena and Dogra Front carrying onions to mark protest against price hike of ...

Local members of Shiv Sena and Dogra Front carrying onions to mark protest against price hike of ...

Kannada actor Shivarajkumar and Geetha daughter Nirupama with Dileep weeding at Tripuravasini  ...

Kannada actor Shivarajkumar and Geetha daughter Nirupama with Dileep weeding at Tripuravasini ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523