Oil hovers near US$102 per barrel as supplies grow, US deadline looms
APBANGKOK--Oil hovered near US$102 a barrel Monday, its gains tempered by a forecast of ample growth in supplies and a looming deadline for lawmakers to agree on lifting the U.S. borrowing limit.
October 15, 2013, 12:08 am TWN
Benchmark crude for November delivery was up 43 cents at US$102.45 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 99 cents Friday to close at US$102.02 and lost US$1.82 or 1.8 percent for the week.
The Paris-based IEA said Friday that the United States would overtake Russia next year as the largest non-OPEC producer of liquid fuels, a category that includes other fuels on top of crude oil.
The price of oil has swung back and forth for days as lawmakers try to resolve an impasse that left the government partially closed and the markets worried about the U.S. defaulting on its debt for the first time.
Brent crude was down 5 cents at US$110.28 on the ICE futures exchange in London.
In other energy futures trading on Nymex:
— Natural gas rose 5.3 cents to US$3.829 per 1,000 cubic feet.
— Wholesale gasoline added 0.1 cent to US$2.654 a gallon.
— Heating oil gained 0.9 cent to US$3.044 a gallon.