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- The cost of oil increases
The cost of oil increases
After falling for most of the day, oil prices are still able to grow, driven by speculation that the political debate in the U.S. will slow economic growth, which is the largest oil consumer in the world. At this time, it was reported that gasoline prices rose because of a lack of fuel in the New York and New Jersey.
Earlier, futures fell 1.1% amid concerns that U.S. lawmakers will not be able to compromise and avoid automatic spending cuts and tax increases at the start of 2013.
Note that today, gasoline rationing was introduced in New York City and Long Island, following similar measures in New Jersey, and is currently under restriction were already 12 districts.
Also today, the Organization of Petroleum Exporting Countries has cut its forecast for oil demand in the next year, and said thus to lower production in the past month. It is learned that the 12-member group will provide an average of 29.7 million barrels per day in 2013, 1.25 million less than the current pump, and 100,000 barrels a day less than forecast a month ago .
The report also showed that the supply from the OPEC fell by 0.2% to 30.95 million barrels a day in October, while still achieving the lowest since December last year due to lower production in Nigeria, Iran and Saudi Arabia.
December futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) rose to 85.82 dollars a barrel on the New York Mercantile Exchange.
December futures price for North Sea petroleum mix of mark Brent rose $1.18 to 108.24 dollars a barrel on the London Stock Exchange ICE Futures Europe.
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