Weak inventories in USA ease oil prices at end week

17-Feb-14

New York’s main contract, WTI for March delivery, eased to US$100.2, while Brent North Sea crude for April dipped to US$108.4, at the end of the previous week. Oil prices have weakened on reports of expected dip in demand during the refinery maintenance season amid a rise in jobless claims in the US indicating weakening demand in the world’s top crude consumer. Reports from the US Labour Department indicate that first-time claims for unemployment insurance rose to 339,000 from 331,000 the previous week, slightly more than expected but in line with the longer-term trend. Retail sales in the US is reported to have fallen 0.4% in January – falling for the second consecutive month.