Press Esc to close
Sunday 30 April 2017
News updated at 10:16 PM IST

Oil prices weaken after US energy report

London, Jan 9, 2013, (AFP): 9:28 IST
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
Laborers carrying bricks at a brick factory on the eve of International labour day on the outskirts.

Laborers carrying bricks at a brick factory on the eve of International labour day on the outskirts.

A laborer carries a sack of grain at a market on the eve of International labour day, in Bikaner...

A laborer carries a sack of grain at a market on the eve of International labour day, in Bikaner...

Roger Federer, of Switzerland, left, and Microsoft founder Bill Gates, right, celebrate...

Roger Federer, of Switzerland, left, and Microsoft founder Bill Gates, right, celebrate...

A decorated home at Bhilar village, India's first 'village of books' where Around 15,000 books...

A decorated home at Bhilar village, India's first 'village of books' where Around 15,000 books...

Bollywood actor Ranveer Singh during a promotional event, in Mumbai on Saturday...

Bollywood actor Ranveer Singh during a promotional event, in Mumbai on Saturday...

An elephant calf gets a shower on a hot summer day at Anna National Zoological Park, in Chennai...

An elephant calf gets a shower on a hot summer day at Anna National Zoological Park, in Chennai...

Indian team celebrates their win over New Zealand in their second match at the 26th Sultan Azlan...

Indian team celebrates their win over New Zealand in their second match at the 26th Sultan Azlan...

An albino peacock displays its feathers on a hot summer day at Anna National Zoological Park...

An albino peacock displays its feathers on a hot summer day at Anna National Zoological Park...

A helicopter carrying the body of famed Swiss climber Ueli Steck arrives at Teaching Hospital...

A helicopter carrying the body of famed Swiss climber Ueli Steck arrives at Teaching Hospital...

A security person keeps tight vigil as the vehicles loaded with official documents moving toward...

A security person keeps tight vigil as the vehicles loaded with official documents moving toward...

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
Powered by Yodasoft Technologies Pvt. Ltd.