Oil futures lower in London
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 5:42 AM ET Dec 20, 2000
LONDON (CBS.MW) - Crude oil futures prices traded lower
Wednesday in London after slipping in the U.S. Tuesday, following news
of an unexpected rise in last week's U.S. supplies of crude oil and
gasoline.
On the London International Petroleum Exchange, oil futures fell 63 cents
to 27.96 cents a barrel.
In after-hours trade in the U.S. Tuesday, February
crude fell 12 cents to $27.84 a barrel. January
heating oil slipped 0.24 cent to 91.36 cents a gallon
and January unleaded gasoline shed 0.59 cent to
76.45 cents a gallon.
A report from the American Petroleum Institute,
released late Tuesday, said crude supplies, as of
the week ended Dec. 15, climbed 2.4 million
barrels. Analysts surveyed by Bridge News
expected a drop between 500,000 barrels and 1
million barrels, on average.
Distillate supplies, which include heating oil used
during the winter season, fell 891,000 barrels, the
API said, compared to Bridge News-polled analyst
expectations for a 1.2 million to 1.5 million barrel
decline.
Gasoline inventories rose 797,000 barrels,
according to the API, vs. an expected decline of
500,000 barrels to 900,000 barrels.
The API also said refinery production rates fell to 93.4 percent from the
prior week's 94.3 percent of capacity. See full story.
Gold prices unchanged in London
Gold futures were unchanged in London Wednesday at $272.00 an
ounce after ending flat in light trade in the U.S. on the decision by the
Federal Reserve to keep interest rates unchanged.
On the Commodities Exchange division of the New York Mercantile
Exchange, which closed just 15 minutes after the Fed news was released,
February gold closed flat at $272 an ounce. March silver gained 1 cent to
$4.653 an ounce. See full story.
Late Tuesday, the Federal Reserve warned Tuesday that a recession is
now the greatest risk to the U.S. economy. However, it did not lower
interest rates in an effort to stimulate the economy, a sign that the Fed
does not see negative growth as an immediate threat. See related story.
The CRB/Bridge Index, a broad-based measure of commodity futures
markets, fell 0.1 percent to 228.27.
Livestock
February pork bellies fell 0.150 cent to close at 67.325 cents a pound.
February lean hogs shed 1.375 cents to 56.70 cents a pound. February
live cattle slipped 0.8 cent to 77.425 cents a pound. January feeder cattle
fell 0.575 cent to 90.625 cents a pound.
Food/fiber/grains
March coffee fell 1.65 cents to 65.05 cents a pound. March cocoa shed
$12 to $721 per metric ton. March sugar gained 0.11 cent to 9.42 cents
a pound. March cotton fell 0.1 cent to 65 cents a pound. January frozen
orange juice fell 1.45 cents to 80.50 cents a pound. March corn added 2
1/2 cents to 225 3/4 cents a bushel. January soybeans rose 2 cent to 511
3/4 cents a bushel. March wheat rose 3 3/4 cents to 272 1/2 cents a
bushel. |
