Oil Prices Fall Below $90 a Barrel
Oil prices fell Friday on expectations that OPEC will increase output next week and on fading concerns of a supply disruption from a U.S. pipeline fire.
Light, sweet crude for January delivery fell $1.55 to $89.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Thursday, the crude contract gained 39 cents to settle at $91.01 a barrel in choppy trade.
In London, January Brent crude dropped $1.78 to $88.44 a barrel on the ICE Futures exchange.
Oil prices have tumbled this week amid speculation that supplies are rising and a slowdown in U.S. growth will undercut energy demand.
The fire along the oil conduit from Canada to the Midwest caused a spike above $95 a barrel Thursday - and renewed speculation that oil was as back on its way to $100. But by the end of New York floor trading it was clear most of the network was quickly returned to service and that the fire-damaged section was expected to be back up in days.
Light, sweet crude for January delivery fell $1.55 to $89.46 a barrel in electronic trading on the New York Mercantile Exchange by midday in Europe. On Thursday, the crude contract gained 39 cents to settle at $91.01 a barrel in choppy trade.
In London, January Brent crude dropped $1.78 to $88.44 a barrel on the ICE Futures exchange.
Oil prices have tumbled this week amid speculation that supplies are rising and a slowdown in U.S. growth will undercut energy demand.
The fire along the oil conduit from Canada to the Midwest caused a spike above $95 a barrel Thursday - and renewed speculation that oil was as back on its way to $100. But by the end of New York floor trading it was clear most of the network was quickly returned to service and that the fire-damaged section was expected to be back up in days.
Labels: Brent Crude, Oil Prices, OPEC, pipeline fire
posted by Stock Administrator @ 7:10 AM
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