News Column

OIL

January 28, 2014

West Texas intermediate (WTI) crude fell for a second day yesterday as purchases of new homes in the US came in below forecasts in December, raising concern that fuel demand in the biggest-consuming country may slow. Brent for March settlement declined 76c, or 0.7 percent, to $107.12 a barrel (R7.50 a litre) on the ICE Futures Europe exchange. The volume of all contracts traded was 17 percent lower than the 100-day average. WTI for March delivery slid 72c, or 0.7 percent, to $95.92 a barrel at 10.53am on the New York Mercantile Exchange . Volume was 15 percent below the 100-day average. Prices climbed 2.4 percent last week. Prices felll as much as 1 percent as US equities erased gains. Home sales declined 7 percent to a 414 000 annualised pace last month, the Commerce Department said. "The US economy is stagnant and I am not optimistic," said Tom Finlon , a director of Energy Analytics. "There is concern that without the Fed stimulus, stocks and oil will move lower." - Bloomberg Pretoria News


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Source: Pretoria News (South Africa)


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