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Economy

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Oil Prices Drop Below $94 Per Barrel

February 21st, 2013 9:39 am Associated Press

BANGKOK (AP) — Oil fell below $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.

Benchmark crude for April delivery was down $1.64 to $93.58 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract lost $1.88, or 2 percent, to finish at $95.22 a barrel on the Nymex on Wednesday.

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.

“An increase in inventories here may seem like the best thing with refineries cutting runs, but we’re cutting our imports and increasing our domestic production,” he said in an email commentary. Ample supplies tend to lower prices.

Brent crude, used to price many international varieties of oil imported by U.S. refineries, fell $1.10 to $114.50 a barrel in London.

Oil prices were also weighed down by a transcript of the latest Federal Reserve meeting that showed some policymakers expressing doubts about the Fed’s bond-buying program. If the Fed curtails or ends the program earlier than anticipated, that could strengthen the dollar. Oil prices tend to move inversely against the dollar.

In other energy futures trading on the Nymex:

— Heating oil fell 2.6 cents to $3.127 per gallon.

— Wholesale gasoline fell 3.2 cents to $3.22 per gallon.

— Natural gas dropped 2.1 cents to $3.258 per 1,000 cubic feet.



  • http://www.yahoo.co.uk/ Firozali A.Mulla

    Please consider softening of said target may have actually been the setup for “the plan”. You either have to accept that Obama, Hilliary, Panetta, et al are separately and collectively stupid and incompetent, or that something else was going on. An accidental discovery on the internet changed everything for me. Go to Proof Positive on YouTube. Note the date. The guy makes no accusations, just asks some very interesting questions, worthy of investigation. (Why WOULD someone with an avatar connected to a company, Stanley Inc, an IT contractor for the US government, have put out the Mohammed video on a hyperlink on 9/11?) Have come to believe that it was a black op gone wrong, Stevens was to be kidnapped for the purpose of trading him for the Blind Sheik. Looking at everything we know and what we have been told through that prism makes everything that “our” government did make sense.
    1. The clearing of the path by REPEATEDLY denying needed and requested security, removing a further 2 units of security just prior to 9/11.
    2. Denial of help during the attack, (hoping the kidnapping could still be accomplished?) The forces in Italy had everything they needed and were in progress when a demand was made to stand down and Ham was relieved of his command. The ex SEALS refusing to stand down is the unplanned fly in the ointment.
    3. Are we really to believe that our country is so powerless that we couldn’t have had investigators on the ground within hours of the attack? CNN reporters were picking up debris right after it happening (among which was Steven’s diary, God knows what else was retrieved or not retrieved. It was not hours, not days, not even weeks, before a team was sent. Possible the administration WANTED there to be absolutely nothing left of significance and would any reasonable person think there would be actionable information or evidence remaining?
    4. The video, why was that a big deal? It makes no sense unless you consider that it may have been made for this express purpose and if not made for it, then certainly was to be the predetermined excuse for the kidnapping. The angry insulted Islamic faithful, just going nuts (about an obscure video nobody had ever seen). In order for Obama to pull off a trade of Stevens for the Blind Sheik (whom Morsi has stated publicly and repeatedly is his first objective as Pres. of Eygpt), he could NOT be seen as dealing and giving in to terrorists, thus the vile video scenario. NOW listen to the Proof Positive guy.
    5. Where and who are the 20 survivors and why have we heard NOTHING from them and why has Congress been denied access to them?
    Know that black ops go on all the time, but there is no possible way this could be of benefit to the United States. The Blind Sheik should NEVER leave maximum security in the United States. Believe Obama will get him back to Egypt before his term is up. Traitorous. Yes. (Remember too, that there was scuttlebutt in Washington in Aug. about some plan of Obama’s to return the Sheik, caused quite a stir at the time. This is not over. Hope every red blooded American will become more interested in this and not settle for the outright lies that are being told by this administration. I thank you Firozali A.Mulla DBA

  • http://www.yahoo.co.uk/ Firozali A.Mulla

    Contempt is the weapon of the weak and a defense against one’s own despised and unwanted feelings. -Alice Miller, psychologist and author (1923-2010) I thank you Firozali A.Mulla DBA