Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Bloomberg Customers

http://www.businessweek.com/ap/2013-04-12/oil-falls-to-near-93-on-lower-demand-forecasts

AP News

Oil falls below $93 on lower demand forecasts


BANGKOK (AP) — Oil fell below $93 a barrel Friday, dragged down by a combination of lukewarm forecasts for demand and sufficient supplies.

Benchmark oil for May delivery was down 58 cents to $92.93 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange.

The contract dropped $1.13 to finish at $93.51 a barrel on Thursday after the International Energy Agency lowered its forecast for global oil demand in 2013 by 45,000 barrels to 90.6 million barrels a day. Its predictions were similar to those made earlier this week by OPEC and the U.S. Energy Department.

Brent crude, which sets the price of crude used by many U.S. refineries to make gasoline, fell 73 cents to $103.65 a barrel on the ICE Futures exchange in London. Brent has dropped about 12 percent in the past two months amid Europe's ongoing financial crisis, increased supplies and tepid forecasts for demand.

"Concerns about European demand continue to weigh on the oil price," said Michael Hewson of CMC Markets.

"US inventories at their highest levels in years and the IEA lowering its forecasts for oil demand are pushing prices lower," he said in a commentary.

In other energy futures trading on the Nymex:

— Heating oil fell 1.2 cents to $2.888 per gallon.

— Gasoline lost 0.5 cents to $2.835 per gallon.

— Natural gas rose 1.6 cents to $4.155 per 1,000 cubic feet.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus