Oil dips slightly as Asia observes Lunar New Year
BANGKOK — Oil prices dipped slightly Monday, as much of Asia observed public holidays that kept many stock markets closed.
Benchmark oil for March delivery fell 7 cents at late afternoon Bangkok time to $95.65 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 11 cents to $95.72 per barrel on the Nymex on Friday.
Trading was expected to be light for much of the week with markets shut for Chinese New Year.
The US government said Friday that the country’s trade deficit fell nearly 21 percent in December from November – the smallest trade deficit in nearly three years – due largely to plunging oil imports. Production of oil is surging in the US, lowering the prices of US crude oil.
In London, Brent crude, used to price international varieties of oil, fell 23 cents to $118.67 a barrel on the ICE Futures exchange.
In other energy futures trading on the Nymex:
— Wholesale gasoline fell 1.5 cent to $3.0438 a gallon.
— Natural gas fell 1.2 cents to $3.26 per 1,000 cubic feet.
— Heating oil gained marginally to $3.2414 a gallon.
Get Inquirer updates while on the go, add us on these apps:
Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94