Crude Falls as High Fuel Supplies Weigh

11 Dec 2012

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Crude oil futures fell for a fourth-straight session on Friday, as weakness in fuel markets lowered investors' view on oil demand.

Light, sweet crude for January delivery settled 33 cents lower at $85.93 a barrel on the New York Mercantile Exchange, the lowest level since November 15. Brent crude on the ICE futures exchange closed one cent lower at $107.02 a barrel.

Crude prices remained under pressure from slumping fuel markets as heating-oil futures fell 1percent on Friday and gasoline futures ended just slightly higher after five straight losing sessions.

“The shine is off this market right now," said Dow Jones Newswires quoted head of trading advisor Schork Group, Stephen Schork to have said. "It all comes down to the fact that we're sitting on a ton of oil", he added.

A government report earlier this week on US oil and fuel inventories showed the largest one-week increase in gasoline stockpiles in 11 years, while stocks of distillate, which include heating oil and diesel, also jumped.

Tags: Business, Nigeria, Featured, Crude, Fuel

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