West Texas Intermediate oil was little changed following a 1.5 percent tumble on Feb. 15, the biggest drop in two weeks. Saudi Arabia is likely to cut exports further this year, a BP Plc economist said.
New York crude declined as much as 0.4 percent before rebounding, while Brent crude was little changed in London. There’s no scarcity of supply and Saudi Arabia will probably reduce exports further, depending on the actions of other OPEC members, BP Chief Economist Christof Ruehl said in an interview in London today. Brent’s premium to WTI widened. Data from the Federal Reserve showed U.S. industrial production shrank unexpectedly in January.
“It’s the kind of skewed situation where we have growth in the U.S. but they have enough oil, and where we do have the major demand growth, we don’t have the oil,” Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said in a telephone interview today. “That’s obviously putting the upside pressure on the Brent crude more than on WTI.”
Crude for March delivery was 15 cents lower at $95.71 a barrel in electronic trading on the New York Mercantile Exchange at 9:41 a.m. local time, after falling earlier as much as 41 cents. The contract sank $1.45 on Feb. 15. The volume of all contracts traded was 67 percent below the 100-day average. Floor trading in New York will be closed today for the U.S. Presidents’ Day holiday. Electronic trading will cease at 1:15 p.m. Eastern time, resuming at 6 p.m.
For more Information Plz log on to www.rpshares.com
New York crude declined as much as 0.4 percent before rebounding, while Brent crude was little changed in London. There’s no scarcity of supply and Saudi Arabia will probably reduce exports further, depending on the actions of other OPEC members, BP Chief Economist Christof Ruehl said in an interview in London today. Brent’s premium to WTI widened. Data from the Federal Reserve showed U.S. industrial production shrank unexpectedly in January.
“It’s the kind of skewed situation where we have growth in the U.S. but they have enough oil, and where we do have the major demand growth, we don’t have the oil,” Ole Hansen, the head of commodity strategy at Saxo Bank A/S in Copenhagen, said in a telephone interview today. “That’s obviously putting the upside pressure on the Brent crude more than on WTI.”
Crude for March delivery was 15 cents lower at $95.71 a barrel in electronic trading on the New York Mercantile Exchange at 9:41 a.m. local time, after falling earlier as much as 41 cents. The contract sank $1.45 on Feb. 15. The volume of all contracts traded was 67 percent below the 100-day average. Floor trading in New York will be closed today for the U.S. Presidents’ Day holiday. Electronic trading will cease at 1:15 p.m. Eastern time, resuming at 6 p.m.
For more Information Plz log on to www.rpshares.com
No comments:
Post a Comment