SINGAPORE -Oil prices fell to near $72 a barrel Thursday in Asia as investors mulled whether recent signs of recovering crude demand can be sustained next year.
Benchmark crude for January delivery was down 33 cents to $72.33 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.
On Wednesday, the contract surged by $1.97 to settle at $72.66 after the Energy Information Administration said that crude supplies and distillate fuels including heating oil dropped by more than analysts expected.
Some analysts are skeptical that demand growth can continue beyond the middle of next year as the impact of massive government stimulus spending begins to ebb.
London-based Capital Economics expects oil to fall to near $50 a barrel by the end of next year on weaker than expected demand and a stronger U.S. dollar. Investors have often bought commodities such as crude this year as a hedge against inflation.
"As the boost from policy stimulus starts to fade and underlying weaknesses reassert themselves, demand should slow again," Capital Economics said in a report.
"If we are right that the U.S. dollar resumes its recent recovery and fears of inflation and asset bubbles fade, oil prices should drop back next year too."
In other Nymex trading in January contracts, heating oil fell 0.84 cent to $1.96 while gasoline fell 0.69 cent to $1.87. Natural gas rose 2.4 cents to $5.49 per 1,000 cubic feet.
In London, Brent crude for February delivery fell 43 cents to $73.86 on the ICE Futures exchange.
As a matter of facts, due to the over flooding oil supplies due declining and dying demand, oil should have been now posting at $28 bbl on market.
Excess amount of RAW UNREFINED oils are stored in countless tankers parked on shore lines due to scarce non-existent space to store them. What's the use of having thousands upon thousands of REFINERIES if the scvmbag refineries aren't refining???? Might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
OPEC can pump all the oil from the ground and sends them to us, but what's the use of having over abundance of oil supplies if our REFINERIES aren't refining them???? That's is why, might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
As a matter of facts, due to the over flooding oil supplies due declining and dying demand, oil should have been now posting at $28 bbl on market.
Excess amount of RAW UNREFINED oils are stored in tankers parked on shore lines due to scarce non-existent space to store them. What's the use of having thousands upon thousands of REFINERIES if the scvmbag refineries aren't refining???? Might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
OPEC can pump all the oil from the ground and sends them to us, but are the use with having over abundance of oil supplies if our REFINERIES aren't refining them???? That's is why, might as well blast and NUKE every god-damn refineries if these fvcks aren't refining and using them!!!
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