The Oil and Gas wrap provides the latest oil prices from commodity exchanges in New York and London, gives a summary of the main corporate and macroeconomic news impacting the price of oil, a barometer of the strength of global economy.


Oil prices edge lower amid light holiday trading in US

January 21 2013, 4:23pm
Oil prices edge lower amid light holiday trading in US

Oil prices edged slightly lower today amid fairly light volumes, as American markets were closed for a public holiday, Martin Luther King day.

In London trading Brent Crude futures were down almost 40 cents at $111.50, while America’s West Texas Intermediary futures were down 50 cents at $95.60.

As Barrack Obama is inaugurated for his second term, the state of America’s economy remains a key focus for oil traders.

Being the world’s largest oil consumer it is among the main drivers to global fuel prices, though data last week showed that oil demand is at its lowest level in more than 10 years.

Meanwhile uncertainties in the Middle East continue to underpin the oil price. Most recent issue of course being last week’s attack on BP’s Algerian oil facility.

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