Go Singapore Finance Report - Crude oil prices in Asian spot market returning to a position sloping USD87 per barrel although there is still confusion in Egypt fears could disrupt crude supplies in the Middle East.
As quoted by the Associated Press (AP), Tuesday (02/08/2011), price of oil for March delivery fell 12 cents to the position of USD87, 36 per barrel in electronic trading on the New York Mercantile Exchange (Nymex) at noon Singapore time.
Oil prices briefly surged beyond USD92 per barrel after the emergence of fears that the disruption of oil shipments through the Suez Canal after the political turmoil in Egypt. However, until now the political crisis in Egypt did not affect crude oil supply and also began easing conditions in Egypt that pushed oil prices back below USD90 per barrel.
The traders of these commodities are also being studied reserve of crude oil inventories in the United States (U.S.) which will be announced the latest American Petroleum Institute on Tuesday and the Department of Energy Information and Administration on Wednesday.
In other Nymex trading in the contract of February, heating oil was steady at $ 2, 71 per gallon and gasoline rose 0.2 cents to $ 2, 45 per gallon. Natural gas futures for March delivery rose 1.3 cents to $ 4, 12 per 1,000 cubic feet. Meanwhile in London, Brent crude oil that had penetrated the level of USD100 per barrel, eventually re-sloping to the position of USD99, 88 per barrel on the ICE futures exchange. (GoFinance)
No comments:
Post a Comment