Subscribe free to our newsletters via your
  Energy News  

Subscribe free to our newsletters via your

US oil prices fall on Chinese rate move

by Staff Writers
New York (AFP) Dec 27, 2010
US oil prices fell Monday, as Chinese moves to cool its economy offset fierce wintry conditions in the United States and Europe that had looked set to nudge prices upward.

On the New York Mercantile Exchange a barrel of benchmark "light sweet crude" for February delivery was down 51 cents from Thursday at 91.00 dollars. The market was closed on Friday.

China's decision to further hike interest rates in order to tame inflation raised the prospect of slower growth in the world's hottest emerging market.

"There are concerns about Chinese growth," said Jason Schenker of Prestige Economics.

However London's Brent North Sea crude for February delivery rose eight cents from Friday to 93.85 dollars a barrel.

US traders predicted crude prices would resume their rise later in the week on the expectation of a surge in demand for heating fuel in the face of a huge snowstorm in the US northeast and record low temperatures in Europe.

Most of the US heating fuel supply is consumed in the northeast.

Oil prices last rose above 100 dollars a barrel on October 2, 2008. Prices have firmed considerably in recent days in response to macroeconomic data suggesting that the recovery in the United States, the world's leading energy consumer, was gathering strength.

Prices have risen more than 11 dollars in New York since the start of the year and more than 15 dollars in London.


Share This Article With Planet Earth DiggDigg RedditReddit
YahooMyWebYahooMyWeb GoogleGoogle FacebookFacebook

Related Links
Powering The World in the 21st Century at

Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News

Newspaper probe finds collapse of all oil rig protections
Washington (AFP) Dec 26, 2010
The April 20 explosion on an oil rig in the Gulf of Mexico that caused the largest environmental disaster in US history occurred because every single defense on the rig named Deepwater Horizon failed, The New York Times reported Sunday. The newspaper, which undertook its own investigation of the blast that killed 11 rig workers and injured dozens of others, said some of the defenses were dep ... read more

Oil mixed in Asian trade as China hikes interest rates

China's State Grid acquires Brazil power assets

Britain's new clean energy support scheme

Policies To Spur Renewable Energy Can Lower Energy Costs

Iraq oil production tops 2.6 million bpd: minister

China pledges regular patrols near disputed islands

Iraq to activate Kurd foreign oil deals: minister

US oil prices fall on Chinese rate move

Keenan 2 Wind Farm Commences Commercial Operation

Italy wind farm seized by prosecutors

US challenges Chinese wind power subsidies at WTO

Outsmarting The Wind

SunPower Completes Sale 44MW Montalto Di Castro Solar Park

Enhancements Increase Efficiency Of Kalahari Greentech's Solar System

U.K. solar plane record confirmed

Device creates fuel from sunlight

Areva capital increase approved

Japan, Turkey sign memorandum on civil nuclear cooperation

Serbia's nuclear waste shipped to Russia: IAEA

S.Korea must improve offer to win nuke deal: Turkish envoy

Create Sustainable Rural Villages Through Clean Pig Farming And Renewable Green Energy

Industrial Biofuel Collaboration Heating Up

Scania To Deliver Trucks For Biofuel Project In Liberia

TetraVitae Bioscience Achieves First Demo Of Renewable n-Butanol From A Corn Dry-Mill

China Builds Theme Park In Spaceport

Tiangong Space Station Plans Progessing

China-Made Satellite Keeps Remote Areas In Venezuela Connected

Optis Software To Optimize Chinese Satellite Design

Reducing Emissions From Shipping

Polar Bears Still on Thin Ice

California approves first broad US climate plan

Polar Bears Still On Thin Ice

The content herein, unless otherwise known to be public domain, are Copyright 1995-2010 - SpaceDaily. AFP and UPI Wire Stories are copyright Agence France-Presse and United Press International. ESA Portal 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 SpaceDaily on any Web page published or hosted by SpaceDaily. Privacy Statement