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Oil risse above $91 in light end-of-year trading

Oil risse above $91 in light end-of-year trading

Oil prices rose above $91 per barrel Tuesday in the final week of trading before the new year.
Trading has been especially light during the holiday week. It's the time of year when most traders have solidified investments, typically leaving only those who work for oil producers and commercial refineries, companies that still need to lock in supply contracts, analyst Stephen Schork said.
Benchmark crude for February delivery rose 30 cents to $91.30 per barrel on the New York Mercantile Exchange.
The volume of trading is expected to spike in the first few weeks of 2011. Several large investment banks have predicted that oil will hit $100 next year as China, India and other emerging economies compete with developed countries and tighten the world's oil supply.
OPEC has said it would not meet anytime soon to discuss boosting production, but some experts say prices may still be in for a slide. China recently increased interest rates to control inflation and that could cool off its economy.
"They're trying to temper consumption, and that's going to temper oil prices," Schork said.
In other Nymex trading in January contracts: heating oil added less than a penny to $2.5207 per gallon; gasoline futures gave up less than a penny at $2.4122 per gallon and natural gas added 1.6 cents at $4.128 per 1,000 cubic feet.
In London, Brent crude added 17 cents to $94.02 a barrel on the ICE Futures exchange.


Updated : 2021-04-15 00:59 GMT+08:00