Oil Declines on Expectation Inventories Will Advance: Report

By MT Newswires,  January 08, 2013, 12:19:20 PM EDT

Oil fell for the first time in three days in New York on expectations that U.S. stockpiles rose from a three-month low last week, Bloomberg reported.

Prices dropped as much as 0.6% as inventories probably rose 2 million barrels in the week ended Jan. 4, according to a Bloomberg survey before an Energy Department report tomorrow. Prices extended losses as U.S. stocks retreated as investors awaited fourth-quarter earnings reports.

Crude oil for February delivery slid 27 cents, or 0.3%, to $92.92 a barrel on the New York Mercantile Exchange, down 8.5% from a year earlier.

Brent oil for February advanced 30 cents, or 0.3%, to $111.70 a barrel on the London-based ICE Futures Europe exchange.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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