SINGAPORE – Oil fell below US$55 yesterday on profit-taking, after jumping by 4,7 per cent a day earlier on news that the United States will build its emergency oil reserves and as cold weather took hold of the world’s top consumer.
US light crude for March delivery was down 38 cents at US$54,66 a barrel. The contract rallied US$2,46 to US$55,04 on Tuesday, the biggest daily gain since November 20, after US Energy Secretary Sam Bodman unveiled a new push in the spring to add 11 million barrels to the country’s Strategic Petroleum Reserves (SPR) at a rate of around 100 000 barrels per day (bpd).London Brent crude was down 30 cents at US$54,80.The contract rallied US$2,46 to US$55,04 on Tuesday, the biggest daily gain since November 20, after US Energy Secretary Sam Bodman unveiled a new push in the spring to add 11 million barrels to the country’s Strategic Petroleum Reserves (SPR) at a rate of around 100 000 barrels per day (bpd).London Brent crude was down 30 cents at US$54,80.
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
