Oil traded below $90 a barrel in New York after dropping as a government report showed rising U.S. crude stockpiles and amid speculation China will increase interest rates to curb inflation.
Futures declined for a fourth day on Jan. 21, matching the longest losing streak since November, after the U.S. Energy Department said that crude and fuel supplies gained in the week ended Jan. 14. China, the world’s biggest energy-consuming country, said last week that inflation was 4.6 percent in December. The nation raised interest rates twice in 2010 and increased bank-reserve requirements on Jan. 14.
The March contract was at $89.06 a barrel, down 5 cents, in electronic trading on the New York Mercantile Exchange at 10:28 a.m. Sydney time. It lost 48 cents, or 0.5 percent, to $89.11 on Jan. 21. Prices are up 18 percent the past year.
U.S. crude stockpiles rose 2.62 million barrels to 335.7 million in the week ended Jan. 14, the Energy Department report showed last week. Gasoline inventories climbed 4.44 million barrels to 227.7 million.
Brent crude oil for March settlement was at $97.54 a barrel, down 6 cents, on the London-based ICE Futures Europe exchange. It advanced $1.02, or 1.1 percent, to $97.60 on Jan. 21.
- Sydney Morning Herald
No comments:
Post a Comment