Go Finance Report - Crude oil prices in the Asian spot market is still struggling earlier this week at the level of USD91 per barrel after China announced the latest measures to restrict loans which thus becomes the cause of weakening demand for crude oil.
As quoted by the Associated Press (AP), Monday (01/17/2011), price of crude oil for February delivery fell 25 cents to USD91, 29 in electronic trading on the New York Mercantile Exchange (Nymex),
Of China as the world's biggest energy consumer, on Friday last week announced a policy to raise the amount of money in bank reserves for the seventh time in the last year. This is to restrict lending and tame inflation.
With this policy, China's economic growth expected to slow because of weakening demand for crude oil.
Meanwhile, U.S. oil demand (U.S.) is also sometimes been weakened but each could have positive economic news pushed oil prices higher.
In other Nymex trading in the contract of February, heating oil fell 0.2 cents to $ 2, 64 per gallon and gasoline added 0.2 cents to $ 2, 497 per gallon. Natural gas futures rose one cent to $ 4, 49 per 1,000 cubic feet. Meanwhile, Brent crude rose 13 cents to USD98, 51 per barrel on the ICE Futures Exchange in London. (GoFinance)
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