الرئيسية
By ALEX KENNEDY, AP
SINGAPORE (AP) — Oil prices fell to near $99 a barrel
Wednesday in Asia after a report showed U.S. crude inventories rose more
than expected, suggesting demand is tepid.
Benchmark crude for
January delivery was down 65 cents to $99.14 a barrel at late afternoon
Singapore time in electronic trading on the New York Mercantile
Exchange. The contract rose $1.58 to settle at $99.79 on Tuesday.
In London, Brent crude was down 11 cents at $110.71 on the ICE futures exchange.
The
American Petroleum Institute said late Tuesday that crude inventories
rose 3.4 million barrels last week while analysts surveyed by Platts,
the energy information arm of McGraw-Hill Cos., had predicted an
increase of 1 million barrels.
Inventories of gasoline fell 173,000 barrels last week while distillates gained 1.4 million barrels, the API said.
The Energy Department's Energy Information Administration reports its weekly supply data later Wednesday.
Crude
has jumped from $75 early last month amid growing expectations the U.S
economy will avoid a recession. However, some analysts, such as Richard
Soultanian of NUS Consulting, expect Europe's debt crisis will help
trigger a recession on the continent during the next few months, which
would undermine global crude demand.
"Energy market fundamentals
remain weak," Soultanian said. "Europe's worsening economic troubles
will negatively impact an already weak U.S. economy as well as a Chinese
economy fighting a property bubble."
Analysts are also eyeing
the gradual return of Libyan oil production to global supplies. Morgan
Stanley said Brent prices could fall as low as $85 in the first half of
next year.
"The significant supply increases and slowing demand
could all coalesce around the second quarter," Morgan Stanley said in a
report. "Given this backdrop, if OPEC were to leave production at
current levels, inventories would balloon through the first half."
In
other Nymex trading, natural gas fell 1.6 cents at $3.62 per 1,000
cubic feet. Heating oil slid 1.5 cents to $3.02 a gallon and gasoline
futures dropped 0.3 cents to $2.54 a gallon.
SINGAPORE (AP) — Oil prices fell to near $99 a barrel
Wednesday in Asia after a report showed U.S. crude inventories rose more
than expected, suggesting demand is tepid.
Benchmark crude for
January delivery was down 65 cents to $99.14 a barrel at late afternoon
Singapore time in electronic trading on the New York Mercantile
Exchange. The contract rose $1.58 to settle at $99.79 on Tuesday.
In London, Brent crude was down 11 cents at $110.71 on the ICE futures exchange.
The
American Petroleum Institute said late Tuesday that crude inventories
rose 3.4 million barrels last week while analysts surveyed by Platts,
the energy information arm of McGraw-Hill Cos., had predicted an
increase of 1 million barrels.
Inventories of gasoline fell 173,000 barrels last week while distillates gained 1.4 million barrels, the API said.
The Energy Department's Energy Information Administration reports its weekly supply data later Wednesday.
Crude
has jumped from $75 early last month amid growing expectations the U.S
economy will avoid a recession. However, some analysts, such as Richard
Soultanian of NUS Consulting, expect Europe's debt crisis will help
trigger a recession on the continent during the next few months, which
would undermine global crude demand.
"Energy market fundamentals
remain weak," Soultanian said. "Europe's worsening economic troubles
will negatively impact an already weak U.S. economy as well as a Chinese
economy fighting a property bubble."
Analysts are also eyeing
the gradual return of Libyan oil production to global supplies. Morgan
Stanley said Brent prices could fall as low as $85 in the first half of
next year.
"The significant supply increases and slowing demand
could all coalesce around the second quarter," Morgan Stanley said in a
report. "Given this backdrop, if OPEC were to leave production at
current levels, inventories would balloon through the first half."
In
other Nymex trading, natural gas fell 1.6 cents at $3.62 per 1,000
cubic feet. Heating oil slid 1.5 cents to $3.02 a gallon and gasoline
futures dropped 0.3 cents to $2.54 a gallon.