Saturday, July 12, 2014





Oil extends losses below $97 on high supplies, Fed


October 31. 2013 4:36AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle


(AP) Oil extended losses below $97 a barrel Thursday, dragged down by plentiful supplies and the prospect of less U.S. monetary stimulus.


Benchmark U.S. crude for December delivery was down 16 cents at $96.61 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract dropped $1.43, or 1.5 percent, to close at $96.77 on Wednesday.


The drop followed an Energy Department report which showed an increase of 4.1 million barrels in crude oil stocks last week. Over five weeks, supplies have risen by more than 25 million barrels, suggested muted demand.


The outcome of a two-day meeting of the Federal Reserve's policy committee added to the pressure on oil prices. The Fed kept its mammoth monetary stimulus in place. But the central bank's positive tone on the economy indicated that it might be prepared to slow its bond purchases by early next year, sooner than some have assumed.


The withdrawal of stimulus would result in higher interest rates and a stronger U.S. dollar, making oil more expensive for holders of other currencies.


Brent crude, a benchmark for international crude also used by U.S. refineries, was down 25 cents to $109.61 on the ICE exchange in London.


In other energy futures trading on Nymex:


Wholesale gasoline fell 1 cent to $2.612 a gallon.


Heating oil shed 0.5 cent to $2.9722 a gallon.


Natural gas rose 3.2 cents to $3.652 per 1,000 cubic feet.


Associated Press


Comments
comments powered by Disqus Commenting Guidelines
Poll
Mortgage Minute


Search for New & Used Cars

Make 
Model
 
Used New All
 

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals



Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds