Latest News:  


Oil drops on commodities sell-off, stocks retreat

(Shanghai Daily)

08:38, February 21, 2013

THE price of oil fell yesterday, as a drop in metals commodities overflowed to crude markets and stocks retreated from five-year highs.

Benchmark crude for April delivery lost US$1.88, or 2 percent, to finish at US$95.22 a barrel on the New York Mercantile Exchange. The March contract, which expires yesterday, fell US$2.20 to end at US$94.46 per barrel.

Brent crude, used to price many international varieties of oil imported by US refineries, fell US$1.92 to finish at US$115.60 a barrel in London.

Gold and other precious metals tumbled in yesterday trading, and oil was dragged down by the commodities sell-off. Gold was down about US$26, around 2 percent, to US$1,578 an ounce. Silver and platinum lost about 3 percent.

The stock market backed off yesterday as well, with the major indexes lower after minutes from the last Fed meeting showed some concern about the risk in the central bank's bond-buying stimulus policy.

Also yesterday the Commerce Department said housing starts slowed in January from December, although applications for building permits continued to rise, pointing to more recovery for the housing market this year. Many analysts expected the decline in January starts after a sharp rise in December, and most of the drop came in apartment construction. Single-family home starts were slightly higher last month.

Oil prices were undercut by analysts' expectations for higher US crude supplies when the Energy Department's Energy Information Administration releases its weekly inventory report on Thursday. Analysts on average forecast a rise of 2 million barrels, according to Platts, the energy information arm of McGraw-Hill Cos.

In other energy futures trading on the Nymex:

- Heating oil fell 2 cents to end at US$3.16 per gallon.

- Wholesale gasoline fell 6 cents to finish at US$3.06 per gallon.

- Natural gas rose 1 cent to end at US$3.28 per 1,000 cubic feet.

We recommend:

New vehicles unveiled at Canadian Int'l Auto Show

Video: Facebook targeted by hackers

Sanya duty-free shops see surging sales

Juniper buries doubts on boom

3D printing reshapes manufacturing

Hongyanhe nuclear power station in NE China

Email|Print|Comments(Editor:MaXi、Liang Jun)

Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Special policemen in training

  2. Festive atmosphere on missile speedboat

  3. Pakistanis mourn for victims of deadly blast in Quetta

  4. Impressive moments of Beijing since 1950s

  5. Exploring top private clubs in China

  6. Employees punished to run half-naked

  7. Mo Yan's Our Jing Ke: Downfall by design

  8. Glamor Zhang Xinyi's street style

  9. Facebook targeted by hackers

  10. Online money transfers soared

Most Popular


  1. How to build new type ties between big powers?
  2. Diplomacy to help China become global power
  3. Commentary: China sees Africa as true friend
  4. Mind your manners
  5. Football penalties 'too soft'
  6. Juvenile crime rules 'hard to follow'
  7. CCTV's Spring Festival Gala: Glory days gone
  8. Who cares for the village doctors?
  9. The weakening yen's impact on China
  10. Young climbers aim too high in China

What’s happening in China

Employees run half-naked for not meeting sales quotas

  1. Social security top concern ahead of 'two sessions'
  2. 39 punished over N China chemical leak
  3. Dog abuse arouses concern over lab animal
  4. Forbid linking doctors' incomes, medical expenses
  5. China refutes cyber attack allegations