SINGAPORE -
Oil prices rose slightly Friday after declining more than $2 a barrel in the previous session as investors sold futures contracts on expectations of an ongoing price slide.
Oil prices fell steeply overnight after a gain of almost 5 percent on Wednesday. Two causes of the midweek surge in oil prices evaporated Thursday when the U.S. dollar strengthened and Exxon Mobil Corp. (nyse: XOM - news - people ) said a Texas refinery suffered no production outages from a fire.
On Friday, light, sweet crude for January delivery added 39 cents to $92.64 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract fell $2.14 to settle overnight at $92.25 a barrel. It had jumped $4.37, or 4.9 percent, on Wednesday to its highest close since Nov. 27 on unexpected declines in U.S. crude stockpiles.
Oil prices rose slightly Friday after declining more than $2 a barrel in the previous session as investors sold futures contracts on expectations of an ongoing price slide.
Oil prices fell steeply overnight after a gain of almost 5 percent on Wednesday. Two causes of the midweek surge in oil prices evaporated Thursday when the U.S. dollar strengthened and Exxon Mobil Corp. (nyse: XOM - news - people ) said a Texas refinery suffered no production outages from a fire.
On Friday, light, sweet crude for January delivery added 39 cents to $92.64 a barrel in electronic trading on the New York Mercantile Exchange by midafternoon in Singapore.
The contract fell $2.14 to settle overnight at $92.25 a barrel. It had jumped $4.37, or 4.9 percent, on Wednesday to its highest close since Nov. 27 on unexpected declines in U.S. crude stockpiles.
1 comment:
Total oil and product inventories have fallen for several straight weeks, which is normal for this time of year, but remain high by historical standards, according to the EIA.
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