Oil prices drop below US$94 per barrel
APBANGKOK--Oil fell below US$94 a barrel Thursday as disagreement among U.S. Federal Reserve officials about its super easy monetary policy weighed on prices ahead of the release of a report on U.S. crude inventories.
February 22, 2013, 12:03 am TWN
Benchmark crude for April delivery was down US$1.64 to US$93.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost US$1.88, or 2 percent, to finish at US$95.22 a barrel on the Nymex on Wednesday.
In other energy futures trading on the Nymex:
— Heating oil fell 2.6 cents to US$3.127 per gallon.
— Wholesale gasoline fell 3.2 cents to US$3.22 per gallon.
— Natural gas dropped 2.1 cents to US$3.258 per 1,000 cubic feet.
Oil prices were undercut by expectations for higher U.S. crude supplies when the Energy Department's Energy Information Administration releases its weekly inventory report later Thursday.
Carl Larry of Oil Outlooks and Opinions forecast a rise of 1.5 million barrels.