News Column

OIL

February 4, 2014

West Texas intermediate (WTI) crude declined yesterday, after manufacturing gauges in China and the US dropped, signalling reduced fuel demand. Brent for March settlement decreased 99c to $105.41 a barrel (R7.42 a litre) on the London -based ICE Futures Europe exchange in the afternoon. WTI dropped 94c to $96.55 by 11.13am on the New York Mercantile Exchange . WTI's discount to Brent shrank to the narrowest level since October last year. Futures decreased as much as 1 percent. The Institute for Supply Management's US factory index dropped more than forecast last month. China's purchasing managers' index slid to a six-month low last month, a sign that government efforts to rein in credit will cool growth in the biggest oil-consuming country after the US. "Continuing worries about the global economy are putting pressure on prices," John Kilduff at Again Capital in New York said. - Bloomberg Pretoria News


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Source: Pretoria News (South Africa)


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