Last update: 05-Dec-2013 1:31 am
Thursday, December 05, 2013
Trinidad & Tobago Guardian Online
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Oil drops below $100 for first time since July
NEW YORK—Oil dropped below $100 a barrel Monday for the first time since early July as US supplies keep rising and the risks of disruption to Middle East shipments subside. By late morning in New York, US benchmark crude was down $1.11 a barrel to $99.70 on the New York Mercantile Exchange.
The nation’s crude oil supplies rose by four million barrels in the week ended October 11, the government said Monday, in a report that was delayed five days due to the government shutdown. Analysts expected a smaller increase of 2.25 million barrels. At 374.5 million barrels, the nation’s crude oil supply is 1.4 per cent above year-ago levels and the highest since July.
The supply report for last week will be released tomorrow. Other factors weighing on oil prices in the past weeks include the agreement to dismantle Syria’s chemical weapons and apparent progress between Iran and world powers.
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