Thursday, September 22, 2011

Oil falls below $85 as expected Bernanke speech

Thursday, September 22, 2011

Singapore - on light oil prices under $85 a barrel Friday in Asia as a political speech expected investors later in the day by Federal Reserve Chairman Ben Bernanke.

Benchmark oil for October delivery was 39 cents to $84.91 in the late afternoon local time Singapore in electronic trading on the New York Mercantile Exchange. Crude oil rose to finish 14 cents to $85.30 on Thursday.

Brent crude for October delivery rose 8 cents to $110.70 on the ICE Futures Exchange in London.

Oil has most of this week in the close to $85 traded as investors speculated whether Bernanke give monetary stimulus measures in favour of impetus and growth in a speech from Jackson Hole, Wyoming will announce. Analysts expect that oil would jump if Bernanke, that the Fed plans bond purchases signaled a more round Treasury, known as quantitative easing.

"No evidence of currency again relieve a significant sell-off of a wide swatch of the financial and goods could prompt arenas," said Knight Bush energy consultants and employees in a report.

Traders are considered also possible changes on second quarter us gross domestic product and the most recent data in the consumer mood, be.

Hurricane Irene could push oil prices higher, if it bothers refineries in Delaware, New Jersey, Pennsylvania and Virginia, producing nearly 8 percent of the U.S.-gasoline and diesel fuel.

Irene is expected to order a wide range of North Carolina after Canada to influence with floods and winds up as high as 120 miles (190 km) an hour. The storm destroyed hundreds of houses on small islands of the Bahamas Thursday, and some meteorologists the worst hurricane that could be taken in the North-East of the United States in 50 years think Irene.

In other NYMEX trade for October contracts fuel oil increased by 0.4% to $2.99 per gallon and gasoline futures dropped 0.6% to $2.80 per gallon. Natural gas for September delivery added 0.3 percent to $3.93 per 1,000 cubic metres.

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