Oil price extends losses to fall under US$105 per barrel
APBANGKOK--The price of oil fell again Wednesday as traders hunkered down and waited for news of when the U.S. economy might be weaned off the Fed's stimulus program.
August 22, 2013, 12:04 am TWN
U.S. benchmark oil for October delivery was down 53 cents to US$104.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.
On Tuesday, the contract for September delivery dived US$2.14, the sharpest decline in two months, to US$104.96 a barrel. Analysts said some of the decline was driven by the expiration of the September contract at the end of trading. The October contract fell US$1.75 to US$105.11 a barrel.
Traders were awaiting the release Wednesday of minutes from the Federal Reserve's July policy meeting for hints about when it might begin cutting back on its US$85 billion a month of bond purchases. Evidence that the U.S. economy is improving and statements from Fed officials themselves have prepped investors to prepare for a winding down of asset purchases as early as September.