Oil Pares Losses After U.S. Denies Reserves Report |
| Wall Street Journal - Mar 15, 2012 |
Crude-oil futures trimmed losses near midday after a U.S. official called inaccurate a report that the U.S. would soon release oil from its emergency stockpile.
Prices earlier fell sharply after a report that the U.K. expects the U.S. to move soon to open its emergency oil reserves amid rising prices. Reuters quoted U.K. officials saying they expected the request soon and said the U.S. would cooperate with the move.
Nymex April light, sweet crude oil was trading 52 cents lower at $104.91 a barrel after the U.S. official's comment. It had swung from a 50-cent gain to a loss of about $1 on the initial report. Crude traded down to the lowest intraday level since Feb. 17, at $103.78 and earlier hit a high of $106.18 a barrel.
April Brent crude was $1.45 lower at $123.52 a barrel, after moving in a range of $120.97 to $125.35 a barrel.
Brent crude-oil prices have recently traded to their near their highest levels since 2008 and gasoline prices in the U.S. have climbed and are widely expected to top $4 a gallon nationwide for the first time since summer 2008.
Read Full Article from Wall Street Journal
- Posted: 2012-03-15 11:34:30
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