Due to the increase in US gasoline and distillate reserves and the rise in the U.S. dollar, international crude oil prices continued to fall on the 8th.
According to a report released by the U.S. Energy Information Administration on the same day, during the week ending December 3, US gasoline reserves increased by 3.8 million barrels and distillate reserves increased by 2.2 million barrels, far exceeding market expectations. The market did not seem to have noticed at the same time news that the announced crude oil reserves unexpectedly fell by 3.8 million barrels, and crude oil prices fell.
In addition, on that day, boosted by the agreement reached between President Barack Obama and the Republican Party on extending the Bush’s recessionary policy, the exchange rate of the US dollar against the world’s major currencies increased, resulting in a decline in the price of crude oil denominated in US dollars. The oil price once fell below 88 dollars per barrel.
At the close, the New York Mercantile Exchange's January delivery of light crude oil fell 41 cents to $88.28 a barrel. The London market Brent crude oil prices fell 62 cents to settle at $90.77 a barrel.
According to a report released by the U.S. Energy Information Administration on the same day, during the week ending December 3, US gasoline reserves increased by 3.8 million barrels and distillate reserves increased by 2.2 million barrels, far exceeding market expectations. The market did not seem to have noticed at the same time news that the announced crude oil reserves unexpectedly fell by 3.8 million barrels, and crude oil prices fell.
In addition, on that day, boosted by the agreement reached between President Barack Obama and the Republican Party on extending the Bush’s recessionary policy, the exchange rate of the US dollar against the world’s major currencies increased, resulting in a decline in the price of crude oil denominated in US dollars. The oil price once fell below 88 dollars per barrel.
At the close, the New York Mercantile Exchange's January delivery of light crude oil fell 41 cents to $88.28 a barrel. The London market Brent crude oil prices fell 62 cents to settle at $90.77 a barrel.
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