All data is delayed
See More

Oil falls ahead of US supply report

Jul 13 2011 16:48
New York - Oil is dropping ahead of a government report on U.S. oil demand and supply.

Benchmark crude gave up 28 cents at $97.17 per barrel in morning trading on the New York Mercantile Exchange.

Brent crude, which is used to price many foreign oil varieties, fell 13 cents to $116.81 per barrel on the ICE Futures exchange in London.

Prices dropped even though Fed Chairman Ben Bernancke said the central bank may provide more stimulus if the economy's current soft patch persists. Europe's credit crisis continues as Moody's Investors Service downgraded Ireland's bond rating to junk, and the American Petroleum Institute said US oil supplies unexpectedly rose 2.3 million barrels last week.

The Energy Information Administration reports its supply estimates later Wednesday.

commodities  |  markets  |  oil  |  currencies


Read Fin24’s Comments Policy 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
Comments have been closed for this article.

Company Snapshot

We're talking about:


With infrastructure spending having been identified as one of the key focus areas of the National Development Plan, tradesmen will continue to play a critical role in growing the South African economy through their skills.

Money Clinic

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

Voting Booth

A 30% a month return on investment is:

Previous results · Suggest a vote