Oil prices slip below US$100 as world awaits first steps of new Fed chief
APThe price of oil slipped below US$100 a barrel Tuesday ahead of Congressional testimony by the U.S. Federal Reserve's new chief.
February 12, 2014, 12:04 am TWN
Benchmark U.S. crude for March delivery was down 8 cents to US$99.97 a barrel at 0800 GMT in electronic trading on the New York Mercantile Exchange. Oil gained 18 cents to close at US$100.06 on Monday.
Investors are waiting to see whether Janet Yellen will consider a pause in the central bank's withdrawal of the monetary stimulus.
The central bank has embarked on a policy to gradually reduce its stimulus, which has helped shore up a number of financial assets over the past few years, including oil prices.
Brent crude, which is used to set prices for international varieties of crude, edged up 5 cents to US$108.68 a barrel on the ICE exchange in London.
In other energy futures trading in New York:
— Wholesale gasoline was up 0.1 cent to US$2.746 a gallon.
— Heating oil shed 0.1 cent to US$2.997 a gallon.
— Natural gas added 5.6 cents to US$4.635 per 1,000 cubic feet.