• Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

All data is delayed
Loading...
See More

Oil dips below $96 on growing stockpiles

Jan 25 2013 07:57
AP

Bangkok - The price of oil fell below $96 per barrel on Friday as stockpiles of crude outpaced expectations.

Benchmark oil for March delivery was down 15 cents to $95.80 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract gained 72 cents to finish at $95.95 a barrel on the Nymex on Thursday.

Recent optimism about improving economies in the US and China has helped support an upswing in oil prices. The US housing and jobs markets have shown improvement, while China's manufacturing output has been gaining steam.

However, Michael Hewson of CMC Markets said that "prices could slip back" if crude inventories continue to rise. The Energy Information Administration said on Thursday that US oil supplies rose by 2.8 million barrels last week, more than analysts expected. That pushed oil stockpiles to 363.1 million barrels, up 8.5% from year-ago levels.

Brent crude, used to price international varieties of oil, fell 24 cents to $113.04 per barrel on the ICE Futures exchange in London. Hewson said the price of Brent is "stuck firmly in a dead zone of inactivity, but near its recent range highs."

In other energy futures trading on Nymex:

  • Wholesale gasoline fell 0.7 cent to $2.87 per gallon.
  • Natural gas shed 0.2 cent to $3.444 per 1,000 cubic feet.
  • Heating oil dropped 0.2 cent to $3.074 a gallon.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

commodities  |  markets  |  oil

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...