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Oil prices adjust downward, stay above US$60 a barrel

Oil prices adjust downward, stay above US$60 a barrel

Oil prices adjusted downward Friday but maintained their above-US$60 a barrel range on the year's final day of trading.
Light sweet crude for February delivery was down 19 cents to US$60.34 a barrel in Asian electronic trading on the New York Mercantile Exchange.
Prices have fallen this week as a mild U.S. winter has depressed demand for home-heating fuels. On Wednesday, crude prices closed at their lowest level in a month.
But they rallied slightly Thursday, rising in response to U.S. government data showing crude inventories plunged last week.
In its latest weekly report, the Department of Energy said crude-oil inventories declined 8.1 million barrels last week to 321 million barrels, dipping below year-ago levels of 323.3 million barrels.
The shrinking supply was not a total surprise: foul weather along the Gulf Coast delayed oil shipments, forcing refiners to draw down inventories; and U.S. imports have fallen by 567,000 barrels-a-day in the past four weeks, in part because higher prices in Europe have attracted supplies.
But the magnitude of last week's inventory drop was larger than expected, analysts said.
In other Nymex trading, natural gas futures increased 1. 2 cents to US$6.260 per 1,000 cubic feet. Those futures had also taken a dive in recent weeks due to warmer weather in the United States. January futures expired Wednesday at $5.838 per 1,000 cubic feet, the lowest value for the front-month contract in more than 12 weeks.


Updated : 2021-03-06 11:11 GMT+08:00