Oil prices rise above US$106 ahead of planned Fed stimulus reduction
By Pamela Sampson, APBANGKOK--The price of oil rose Wednesday, regaining some of the ground lost this week as oil traders prepared for an expected reduction in the U.S. Federal Reserve's massive monetary stimulus.
September 19, 2013, 12:25 am TWN
Benchmark oil for October delivery was up 80 cents to US$106.22 at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell US$1.17 to close at US$105.42 on Tuesday. Oil fell US$1.62 on Monday.
Investors will be monitoring fresh information on U.S. stockpiles of crude and refined products. U.S. Energy Department data for the week ended Sept. 6 is expected to show a decline of 1.5 million barrels in crude oil stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
Brent crude, the benchmark for international crudes used by many U.S. refineries, rose 22 cents to US$108.41 a barrel on the ICE Futures exchange in London.
In other energy futures trading in New York:
— Wholesale gasoline rose 0.9 cent to US$2.658 per gallon.
— Natural gas fell 0.6 cent at US$3.739 per 1,000 cubic feet.
— Heating oil declined 0.6 cent to US$2.992 per gallon.