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Sunday, February 28, 2021

Oil prices edge further below $99

The Associated Press

BANGKOK (AP) — Oil prices edged further down below $99 Tuesday after gaining more than $2 last week on signs of improvement in the U.S. economy.

Benchmark U.S. oil for February delivery was down 20 cents to $98.71 a barrel in electronic trading on the New York Mercantile Exchange.

Last week, oil rose nearly 3 percent after positive economic news that the U.S. economy had accelerated to 4.1 percent growth in the third quarter raised expections of increased demand.

Additional worry over strife in South Sudan that has seen oil workers killed and companies pulling out employees also had some analysts predicting the contract would top $100 a barrel for the first time since mid-October. However, the contract has been slipping since Monday as traders apparently deemed the fears had pushed prices too high.

Brent crude, a benchmark for international oils, continued to rise, up 2 cents at $111.58 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline was flat at $2.78 a gallon.

— Heating oil also barely budged at $3.05 a gallon

— Natural gas rose 1.6 cents to $4.479 per 1,000 cubic feet.

 

 

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.

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