Market Close: Oct 24 Down
Oct 24th, 2014 by loren
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Oil futures finished Friday’s trading session with a fourth consecutive week of losses, as a supply glut and petering demand drag on prices lower for the commodity.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December fell $1.08, or 1.3%, to settle at $81.01 a barrel. New York-traded oil lost 1.3% on the week, and its losing streak is the longest since late August, when weekly losses also stretched for four weeks. December Brent crude on London’s ICE Futures exchange fell 70 cents, or 0.8%, to end at $86.13 a barrel. Weekly losses, Brent’s fifth straight, were under 0.1%. Oil prices seesawed for most of Friday, gaining earlier on reports that Saudi Arabia had reduced oil supplies. But soon skepticism arose about the nature of that decline, with some observers attributing it to weaker demand rather than a measure by oil producers to lift prices, analyst Tim Evans at Citi Futures said.
The difference between Saudi Arabia’s oil production and the volume of oil supplied to the market is likely to have gone to the kingdom’s storage, analysts at Commerzbank said in a note. “If Saudi Arabia is releasing less oil in the market despite rising production, this indicates weaker demand, probably in the domestic market, since demand to power air-conditioning systems declines after the summer months. This can scarcely be interpreted as an argument for rising oil price,” they added.