In Asia, Oil trades Close to $99 per Barrel
New York, September 17 (FinanceEnquiry.com) – When new moves to encourage the economy of US were proclaimed by the Federal Reserve last week, oil hanged close to $99 per barrel on September 17 in Asia, mainly holding on to the proceeds.
In electronic trading on the New York Mercantile Exchange and at the middle of Bangkok afternoon, Benchmark crude for delivery of October was lower at $98.80 per barrel by 20 cents. Finishing higher at $99 by 69 cents in the New York, the contract on September 14 traded higher than $100 for the first time after May. Furthermore, in London, Brent crude was lower at $116.48 by 20 cents.
Investors speculate that the plan of Fed is to maintain interest rates low and use billions so to purchase securities that would keep downward pressure on currency of the US, due to this, the dollar stayed in close proximity to a four-month low against the euro.
Natural gas totaled to $2.96 per 1,000 cubic feet by 1.8 cents. On one hand, wholesale gasoline was lower at $2.93 per gallon by 0.2 cent, while on the other hand, heating oil was higher at $3.24 per gallon by 0.1 cent.
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