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Oil hangs below US$79 in Asia after surge

Oil hangs below US$79 in Asia after surge

Oil prices hung below US$79 a barrel yesterday in Asia, giving back some gains as Asian stock markets mostly fell and the U.S. dollar strengthened moderately.
Benchmark crude for February delivery was down US$0.11 to US$78.66 a barrel at midday in electronic trading on the New York Mercantile Exchange. =The contract settled up US$0.72 at US$78.77 on Monday after surging above US$79 as an extended cold snap in the U.S. triggered an end-of-year rally in energy futures.
Futures contracts for oil, natural gas and heating oil have all become more expensive this month as snow storms blanketed parts of the U.S. and a sharp drop in supplies of crude and other fuels surprised traders.
Analysts say oil could rise above US$80 before the end of the year if U.S. inventories figures show a drop in stockpiles, which would suggest improving demand in the world's largest economy.


Updated : 2021-05-18 00:16 GMT+08:00