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Thursday, February 2, 2012

crude oil prices down february 2 2012

crude oil prices down february 2 2012 : Oil prices fell below $97 a barrel Thursday amid mixed signs about the strength of crude demand in the US, the world's largest economy.

By early afternoon in Europe, benchmark crude for March delivery was down $1.05 to $96.56 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to settle at $97.61 on Wednesday.

In London, Brent crude rose 21 cents to $111.77 a barrel on the ICE Futures exchange.

A jump of US crude inventories last week by 4 million barrels suggested oil consumption is sluggish. However, factories raised output in January by the most in seven months, the Institute for Supply Management said Wednesday while the Commerce Department said construction spending rose 1.5 percent in December, the fifth straight monthly gain.

Analysts noted the divergence between Nymex and Brent, with the American contract falling because of rising inventories and the European contract boosted by uncertainty over sanctions and the diplomatic standoff with Iran, as well as the 10-month uprising against the regime in Syria. For the latest updates on the stock market, visit Stock Market Today

oil price feb 2 2012, why oil prices down february 2 2012, Nymex crude oil prices february 2 2012,Brent crude oil price 2-2-2012, US crude 2-2-2012 For the latest updates PRESS CTR + D or visit Stock Market news Today

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