All
 

 

Just in:  

You are here: Home»Markets»Energy»Americas»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 17,279.74 0.08
Arrow Nasdaq 4,579.79 0.30
Arrow S&P 2,010.40 0.05
Arrow FTSE 6,837.92 0.27
Arrow DAX 9,799.26 0.01
Arrow CAC-40 4,461.22 0.08
Arrow Nikkei 16,321.17 1.58
Arrow H.Seng 24,306.16 0.57
Arrow Sensex 27,090.42 0.08





where to buy

cheap wedding dresses

online - weddingdresstrend.com

Buy cheap Nike Mercurials cleats at mercurialscleats.com
cheap wedding dresses on SiteSteer.com - Best Online Wedding Store


Banking Review 2013


Buy new style hair wigs at cheap price on Ishowigs.com

Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 18, 2014
Reserves $13.525 bln