West Texas Intermediate crude dips on US Federal Reserve data
West Texas Intermediate (WTI) oil fell for a second day, extending the biggest drop in two weeks, while Brent futures were little changed.
By Bloomberg |
DUBAI: West Texas Intermediate (WTI) oil fell for a second day, extending the biggest drop in two weeks, while Brent futures were little changed. Saudi Arabia’s crude shipments slid to a 15-month low in December.
New York crude declined as much as 0.4%. Data from the Federal Reserve showed US industrial production unexpectedly shrank in January. Saudi Arabia exported 7.06 million barrels of crude a day in December, the least since September 2011, according to the Joint Organisations Data Initiative. Christof Ruehl, chief economist at BP, sees no scarcity of supply and expects Saudi Arabia to reduce exports further, he said on Monday.
Brent’s premium to WTI widened as the London-traded contract rose. Crude for March delivery fell as much as 41 cents to $95.45 a barrel in electronic trading on the Nymex . It was at $95.67 at 3.50 pm Dubai time on Monday. The contract dropped $1.45 to $95.86 on February 15. The volume of all contracts traded was 25% below the 100-day average. Floor trading in New York will be closed Monday.
Brent oil for April settlement on the ICE Futures Europe exchange gained 14 cents to $117.80 a barrel with trading volume 52% below the 100-day average.
New York crude declined as much as 0.4%. Data from the Federal Reserve showed US industrial production unexpectedly shrank in January. Saudi Arabia exported 7.06 million barrels of crude a day in December, the least since September 2011, according to the Joint Organisations Data Initiative. Christof Ruehl, chief economist at BP, sees no scarcity of supply and expects Saudi Arabia to reduce exports further, he said on Monday.
Brent’s premium to WTI widened as the London-traded contract rose. Crude for March delivery fell as much as 41 cents to $95.45 a barrel in electronic trading on the Nymex . It was at $95.67 at 3.50 pm Dubai time on Monday. The contract dropped $1.45 to $95.86 on February 15. The volume of all contracts traded was 25% below the 100-day average. Floor trading in New York will be closed Monday.
Brent oil for April settlement on the ICE Futures Europe exchange gained 14 cents to $117.80 a barrel with trading volume 52% below the 100-day average.
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