Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Oil hovers below $100 amid low holiday volume

Send a link to a friend

[December 27, 2011]  SINGAPORE (AP) -- Oil prices hovered below $100 a barrel Tuesday in Asia amid low holiday week trading volume.

Benchmark crude for February delivery was down 13 cents at $99.55 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 15 cents to settle at $99.68 in New York on Friday.

In London, Brent crude was up 13 cents at $108.09 a barrel on the ICE Futures exchange.

Global oil trading markets were closed Monday for the Christmas holiday.

Crude briefly popped above $100 on Friday amid growing evidence the U.S. economy is improving. Some analysts say concerns that Europe's debt crisis will trigger a recession on the continent next year will overshadow any positive news out of the U.S. this week.

"We don't expect this strength to be maintained this week given a likely shift in focus back toward the eurozone where major debt issues remain largely unresolved," energy consultant Ritterbusch and Associates said in a report.

Because many traders are on vacation this week, trading volume is sharply lower and a few trades could jolt prices.

[to top of second column]

"Volume will be thin through this abbreviated week," energy consultant and trader The Schork Group said in a report. "As such, the potential exists for some wild swings."

In other Nymex trading, heating oil rose 0.8 cent to $2.91 per gallon and gasoline futures fell 0.5 cent at $2.67 per gallon. Natural gas futures were down 3.0 cents to $3.08 per 1,000 cubic feet.

[Associated Press; By ALEX KENNEDY]

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Recent articles

Back to top


 

News | Sports | Business | Rural Review | Teaching & Learning | Home and Family | Tourism | Obituaries

Community | Perspectives | Law & Courts | Leisure Time | Spiritual Life | Health & Fitness | Teen Scene
Calendar | Letters to the Editor