Thursday, December 2, 2021
70.7 F
Fort Worth

Oil hovers below $96 as holidays, Fed eyed

🕐 1 min read

The Associated Press

The price of oil rose slightly Tuesday ahead of the Chinese New Year holiday and amid forecasts for moderating temperatures in the U.S. Northeast.

Benchmark U.S. crude for March delivery was up 13 cents at $95.85 a barrel at 0530 GMT in electronic trading on the New York Mercantile Exchange. The contract fell 92 cents to settle at $95.72 on Monday. Brent crude, used to set prices for international varieties of crude, was up 25 cents at $106.94 a barrel.

Yusuke Seta, an energy analyst at Newedge brokerage in Tokyo, said he did not expect much movement in the oil market ahead of the Chinese New Year holidays which begin later this week.

“Ahead of the Chinese New Year, the traders are less active or aggressive in taking their positions,” he said.

Benchmark oil fell below $96 on Monday amid forecasts for moderating temperatures in the U.S. Northeast and ahead of the next meeting of the U.S. central bank.

Along with oil, the prospects of a break in the deep chill that has enveloped the upper U.S. Midwest, the Northeast and parts of the South sank the price of natural gas.

The Federal Reserve meets for two days from Tuesday. Officials are widely expected to reduce the central bank’s monthly bond buying that has underpinned an economic recovery.

In other energy futures trading in New York:

— Wholesale gasoline was up 0.6 cent at $2.639 a gallon.

— Natural gas rose 8.4 cents to $4.931 per 1,000 cubic feet

— Heating oil price was up 0.3 cent at $2.97 a gallon.

 

Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

Related Articles

Our Digital Sponsors

Latest Articles

Fort Worth Business Press Logo
This advertisement will close in
00
Months
00
Days
00
Hours
00
Minutes
00
Seconds
seconds..
Click here to continue to Fort Worth Business Press

Not ready to subscribe?

Try a few articles on us.

Enter your email address and we will give you access to three articles a month, to give us a try. You also get an opportunity to receive our newsletter with stories of the day.

This field is for validation purposes and should be left unchanged.

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.

  • Restaurants
  • Technology
  • and more!

FWBP Morning Brief

FWBP 5@5

Weekend Newsletter

  • Banking & Finance
  • Culture
  • Real Estate