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Oil at lowest level in New York since Nov-2010; Brent highest since Sep-2008

15-Feb-2011 11:00 AM

Oil prices declined to their lowest level in New York since Nov-2010 amid an abundance of fuel in the US and eased tensions in Egypt (Bloomberg, 15-Feb-2011). US total fuel supplies have increased every week this year as gasoline stocks climbed to a 20-year high and oil at Cushing reached a record in Jan-2011. Crude oil for Mar-2011 delivery declined USD0.77 cents to settle at USD84.81/barrel on the New York Mercantile Exchange on 14-Feb-2011, the lowest level since 30-Nov-2011. Brent for Apr-2011 settlement, however, increased 2.1% to USD103.08 a barrel on the London-based ICE Futures Europe exchange, the highest price since 26-Sep-2008. The Mar-2011 contract expired on 11-Feb-2011 at USD101.43.