Current Oil Price Dropped Slightly to $95

The current oil price slightly dropped to almost $94 a barrel after Japan’s release of weak manufacturing data and on anticipations that U.S. crude inventories were about to increase.

On the NYMEX, the U.S. benchmark crude for delivery in January was 23 cents lower to $94.27 per barrel. The contract increased $1.50 to settle at $94.50 per barrel during the previous trading day. Oil had never ended higher than $94 since the 10th of April.

The recently released data from Japan’s government presented a rise in monthly factory output. However, the increase wasn’t as strong as expected. High energy production in the U.S. also keeps on controlling the prices of oil, said analysts.

Moreover, investors will monitor new data on U.S. inventories of crude and refined commodities.

Analysts anticipate crude supplies to have increased again in the past week, this time to their highest in 23 years, further limiting the prices of oil.

The API and EIA will release their reports on the stocks of oil.

Anticipations that the United States Fed will endorse dovish financial policies on its upcoming meeting and that the ECB will reduce interest rates helped push prices a little higher, but were not sufficient to cause a particularly sharp rise.

Brent, the benchmark used to assign prices to international crude types was 18 cents lower to a crude price per barrel of $103.63 on London’s ICE Futures Exchange.

In other NYMEX trading, wholesale gasoline shed 0.67 cent to a price of $2.8153 per gallon. Natural gas gained 2.2 cents to a price of $4.37 per 1,000 cubic feet. Heating oil shed 1.07 cents to a price of $2.8561 a gallon.