Friday, May 10, 2013

The Car Insurance Info: Action take profit and lower world oil prices

New York (The Car Insurance Info)-world oil prices fell on Tuesday (Monday morning EST), as traders took advantage of the rise in three consecutive days amid expectations of rising U.S. crude inventories in this week's inventory report.

New York's main contract, light sweet crude or West Texas Intermediate (WTI) for delivery in June, closed at 95,62 u.s. dollars per barrel, down 54 cents from Monday, reported AFP.


In London, Brent North Sea crude oil for delivery in December, dived 1.06 dollars to settle at 104,40 u.s. dollars per barrel.


The New York trading session took place "relatively calm" and marked by "a combination of profit taking and expectations of action report of inventory," said John John Kilduff of Again Capital.


John Kilduff said that the weekly oil supply report of the US Department of energy (DoE), an indicator of demand in the world's largest energy consumer, is expected to show another rise in the supply of crude oil, which last week reached its highest level since 1982, when the weekly reports began.


DoE is expected to report an increase of 1.4 million barrels in the week ended May 31, according to analysts surveyed by Dow Jones Newswires.


The price of oil over the past three sessions had surged more than five dollars in New York and 6.50 u.s. dollars in London, supported by rising tensions between Israel and Syria over Israel's air attack.


A senior Israel official said the attack targeted at Iran's weapons destined for Lebanon's militant group Hezbollah.


Bob Yawger from Mizuho Securities said that "some risk premium piled into the market as a result of the Israel-Syria situation". (A026)




Car Insurance; Insurance




Car Insurance; Insurance; Health Insurance

Title Post: The Car Insurance Info: Action take profit and lower world oil prices
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Author: Mohammad Zulfi Satriawan

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