Relatively stable oil prices on Friday (Saturday morning GMT ) , because the comments are optimistic Federal Reserve chairman nominee Janet Yellen offset the impact of rising U.S. supplies .
Light sweet crude for December delivery rose eight cents to settle at 93.84 dollars a barrel on the New York Mercantile Exchange , while Brent crude oil for January delivery rose 22 cents to close at 108.54 U.S. dollars per barrel , Xinhua reported .
Yellen in a feasibility test in the Senate on Thursday ( 14/11 ) said that the central bank needs to do more to support the economic recovery . Traders welcomed the testimony Yellen as a positive sign that the central bank will not rush to cut its asset purchase program .
Optimistic sentiment on the continuation of loose monetary policy offsetting fears over rising U.S. crude inventories .
Energy Information Administration , U.S. Department of Energy's statistical unit , said in a statement on Wednesday ( 13/11 ) that U.S. crude inventories rose 2.6 million barrels to 388.1 million barrels for the week ending 2 November , beating market expectations rose 1 , 8 million barrels .
On the economic front , manufacturing activity in the New York region fell to minus 2.2 in November , the first negative number since May , according to a survey released Friday by the Federal Reserve Bank of New York .
U.S. import and export prices both declined in October , the Labor Department reported . The data showed import prices fell 0.7 percent in October driven by fuel prices lower , while export prices fell 0.5 percent .
No comments:
Post a Comment