|
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
![]() |
. | ![]() |
. |
|
![]() |
![]() by Daniel J. Graeber New York (UPI) Dec 31, 2014
Crude oil prices were pummeled in the early Wednesday session on dueling reports showing growing evolution in the U.S. oil market. West Texas Intermediate, the U.S. price index, fell nearly 2.8 percent below the close from the previous session to trade at $52.61 per barrel for the February contract. Brent, the global benchmark, was off nearly 3 percent from the previous day to trade at $57.90 per barrel. Crude oil prices this week saw a brief rally early Monday on word oil storage tanks in Libya were burning out of control following rebel action. Once a major market swinger, the glut of oil from the United States may be driving market mechanisms more than Libyan shortages. The American Petroleum Institute this week said total U.S. oil production was around 9.1 million barrels per day, far outpacing Libya's peak. The U.S. Energy Information Administration in a monthly petroleum report, meanwhile, said total imports into the U.S. market declined by 5 percent in October and 4 percent year-on-year. Imports from Canada, the No. 1 oil supplier to the U.S. market, were down for the month, as was the amount from Saudi Arabia, the kingpin at the Organization of Petroleum Exporting Countries. OPEC's November decision to keep production static is in part behind the slump in oil prices. Markets early Wednesday may be reacting to a U.S. Commerce Department report saying U.S. oil exports may be increasing under certain scenarios. OPEC's decision was seen in some trading circles as an effort to stifle U.S. production.
Related Links All About Oil and Gas News at OilGasDaily.com
|
![]() |
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement All images and articles appearing on Space Media Network have been edited or digitally altered in some way. Any requests to remove copyright material will be acted upon in a timely and appropriate manner. Any attempt to extort money from Space Media Network will be ignored and reported to Australian Law Enforcement Agencies as a potential case of financial fraud involving the use of a telephonic carriage device or postal service. |