Just in:  

You are here: Home»Markets»Energy»Americas»Oil prices slip in profit taking after cliff rally

Oil prices slip in profit taking after cliff rally

oil-barrelNEW YORK: Global oil prices edged lower Thursday on profit taking a day after a powerful relief rally over the fiscal cliff deal in the United States, the world's biggest oil consumer.


New York's main contract, light sweet crude for delivery in February, dipped 20 cents from Wednesday to close at $92.92 a barrel.


Brent North Sea crude for February fell 33 cents to settle at $112.14 a barrel in London trade.


Equity and oil markets slipped back after Wednesday's sharp gains fueled by a long-awaited US political deal to avert the worst of the year-end fiscal cliff of automatic tax increases and broad spending cuts.


"Traders are taking time to lock in profits, and are shaking off the euphoria as realization that further fiscal battles" in the deeply divided US Congress lie ahead in the coming months, said Ryan Miller of Western Union Business Solutions.


Crude futures had rallied Wednesday following news that the United States -- the world's biggest consumer of crude oil -- had avoided most of the "fiscal cliff" tax hikes that had threatened to plunge it back into recession.


"The rising dollar and climbing oil supplies pushed crude prices back lower after the run-up," Miller added.


The stronger greenback makes dollar-denominated crude more expensive for buyers using other currencies like the euro.


Traders were meanwhile switching their attention to Friday's crucial US labor market data for a better idea of the health of the world's number-one economy.


On the same day, the US government's Department of Energy will also publish its weekly oil inventories report, two days later than normal owing to the New Year public holiday on Tuesday.


Copyright AFP (Agence France-Presse), 2013


Index Closing Chg%
Arrow DJIA 17,719.92 0.44
Arrow Nasdaq 5,108.67 0.37
Arrow S&P 2,080.41 0.46
Arrow FTSE 6,356.09 0.30
Arrow DAX 11,382.23 0.78
Arrow CAC-40 4,957.60 0.56
Arrow Nikkei 19,747.47 0.69
Arrow H.Seng 21,996.42 0.33
Arrow Sensex 26,145.67 0.07

Wholesale Camping Equipment from China at 

New 2015 adidas and Nike Soccer Cleats at Kicks Corner uk

Ad Asia 2015

Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
Trade Balance $-2.197 bln
Exports $1.729 bln
Imports $3.926 bln
WeeklyNovember 30, 2015
Reserves $19.828 bln