Oil Steady on Debt Ceiling Concern, Supply Expectations: Report

By Midnight Trader,  January 07, 2013, 12:07:17 PM EDT

Oil fluctuated amid concern that Congress will fail to raise the U.S. debt ceiling, hurting economic confidence, and on speculation that supplies in the world's biggest crude-consuming country will rebound, Bloomberg reported.

Futures traded in a 93-cents-a-barrel range as Republicans vowed to require spending cuts in exchange for increasing the U.S. borrowing limit. Lawmakers struck a compromise last week that averted a package of spending cuts and tax gains known as the fiscal cliff. Crude supplies in the week ended Dec. 28 were up 9.2% from a year earlier, Energy Department data show.

Crude oil for February delivery rose 4 cents to $93.13 a barrel on the New York Mercantile Exchange. Prices are down 8.3% from this point last year.

Brent oil for February settlement slipped 12 cents to $111.19 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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