NY oil price slips on expectation of rising inventories

13:21, February 02, 2011      

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Crude oil price slipped on Tuesday as investors expected the U.S. crude oil inventories would rise for the third straight week.

The Energy Information Administration would release the report about U.S. crude oil stocks last week on Wednesday. Investors expected that the domestic oil supply would rise.

The unrest in Egypt continued, but the operations of Suez Canal, the important oil carrier in the Middle East, was not affected, according to the Canal Authority.

The International Energy Agency said on Tuesday energy supplies saw no immediate threat. The agency said, Egyptian oil and gas production facilities do not appear to be at risk, as they are far from population centers, and the Suez Canal is not likely to be disrupted. But it urged oil producers to be sensitive to market signals and exercise flexibility in ensuring ample and affordable supplies.

The dollar fell against the major currencies on Tuesday.

Light, sweet crude for March delivery fell 1.42 dollars to 90. 77 dollars a barrel on the New York Mercantile Exchange.

Source: Xinhua
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