Go Finance Report - World oil prices eventually fell below USD88 a barrel after it is estimated that U.S. crude oil supply is lower than market expectations as well as the winter gas supplies coupled with demand still sluggish.
As quoted by the Associated Press (AP), Wednesday (12/15/2010), price of crude oil for January delivery in electronic trading on the New York Mercantile Exchange (Nymex) during the day time Asia declined 35 cents to USD87, 93 per barrel compared to the position previously that at USD88, 28 per barrel.
American Petroleum Institute said U.S. crude inventories fell 1.4 million barrels last week. While the energy information from the McGraw Hill Cos. estimate a decrease of three million barrels. However, the API would predict that gasoline inventories would soared to 2.4 million barrels. While the new Energy Ministry will submit data officially this Wednesday U.S. time.
"If you think that API report seems bearish, we will not agree," said energy consultant Schork Group
In other Nymex trading today on the contract in January, heating oil down 0.9 cents to $ 2, 46 per gallon, gasoline futures fell 0.8 cents to $ 2, 29 gallon and natural gas slid a penny to $ 4, 25 per 1,000 cubic feet . And in London, Brent crude fell seven cents to USD91, 33 per barrel on the ICE Futures exchange. (GoFinance)
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