Crude Oil ends 2008 @ $45 a barrel

Table of Contents

Commodity Online

NEW YORK: World oil prices ended trading for 2008 below $45 a barrel in New York, rose 14 percent on the final trading day in thin pre-holiday trade.

US crude oil futures for February settled up $5.57 to $44.60 per barrel, but were down 54% from the $95.98 on the last day in 2007.

In London, February Brent crude jumped $5.44 to end the year at $45.59 a barrel on the ICE Futures exchange.

In other Nymex trading, gasoline futures rose 12.29 cents, to settle at $1.01 a gallon. Heating oil rose 11.77 cents to settle at $1.4057 a gallon, while natural gas for February delivery tumbled 23.7 cents to settle at $5.622 per 1,000 cubic feet.

Last year saw record high prices in July above $147 a barrel crash to the year’s low of $32.40 on 19 December as the global recession dissolved world demand.

Weekly US inventory data on Wednesday showed a decline in refinery activity and a 500,000 barrel rise in crude stocks, compared with forecasts for a 1.5 million barrel decrease.

Inventories of refined products also rose, though less than analysts had expected.Gasoline stockpiles increased by 800,000 barrels, less than forecasts for a 1.5 million barrel build, while distillates rose by 700,000 barrels, below expectations for a 1.1 million barrel increase.

Demand for both gasoline and distillates, which include heating oil, was lower than the same time a year ago, extending the trend for reduced consumption.

Share the Post:
Facebook
Twitter
LinkedIn

Follow IPO Watch for the upcoming IPO news and their reviews, also keep following us on TwitterFacebook, and Instagram. For our latest videos, subscribe to our YouTube channel.


OPEN DEMAT ACCOUNT