Crude oil prices ended lower about 1% to
finish at $96.27 per barrel in New Yorkon Thursday after surging 1% earlier in
the session on expectations that the U.S. Federal Reserve is ready with a third
round of stimulus to propel the economy forward.
Information contained in the minutes of the
U.S. Fed's meeting in July suggests that steps will be taken soon to provide
some new stimulus to the economy.
Though the minutes did not contain any
specific details about what action was to be taken, it however stressed on the
need for urgent action to revive the economy unless it improved significantly
on its own.
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There has been an upsurge in oil prices
since August 1, banking on hopes of a boost in demand from Europe, the U.S. and
China. on better growth prospects. However the economies have still not been
able to shake off their lethargy and growth is still depressed.
In other futures trading on the Nymex,
heating oil rose 2 cents to $3.16 per gallon. Gasoline futures rose 4 cents to
$2.9739. Natural gas was down 1 cent to $2.81 per gallon.
Overall, oil prices have climbed nearly $10
per barrel since Aug. 1, partly on hopes that the U.S., Europe and China would
do more to increase growth in their respective economies. Growth increases
demand for oil and other energy products.
United States Oil Fund LP
(ETF)(NYSEARCA:USO) fell 1.27% to $35.76 and United States Natural Gas Fund,
LP(NYSEARCA:UNG) lost over 1% to $19.22.
Shares of oil companies also slide with Suncor
Energy Inc. (USA)(NYSE:SU) lost 1.84%, TOTAL S.A. (ADR)(NYSE:TOT) fell 1.44%
and Chevron Corporation(NYSE:CVX) declined 0.77%.
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