The U.S. Energy Information Administration (EnergyInformationAdministration, referred to as EIA) released last week, U.S. crude oil inventories increased by 500 million barrels, far higher than the expected increase of 110 million barrels. Crude oil inventories rose to above the level of a year ago the first time since July 2011. By weak demand, gasoline and distillate stocks increased more than expected. After the release of the report, oil prices intraday decline to $ 100.55 from $ 101.30 / barrel level near a drop of more than 1.5%.
According to Dow Jones Newswires reported on the 11th, a trade union leaders in Nigeria on the 11th, oil platform workers have entered the red alert good to shut down production facilities. As the government suddenly suspended the fuel subsidy of $ 7 billion project has led to soaring fuel costs, Nigeria therefore the strike activity is intensified.
Affected by the U.S. oil data, crude oil futures ended sharply lower on the 11th, NYMEX2 month light, sweet crude settled down $ 1.37 to $ 100.87 a barrel, down 1.3 percent.
The integrated media reported on January 11, the New York Mercantile Exchange (NYMEX) crude oil futures ended down 1.3 percent to its lowest level for the year, mainly due to U world pie network information .S. oil demand dropped significantly, and fuel inventories increased substantially. However, the closing price remains above $ 100 a barrel, whether within a short time on Iran and Nigeria to ensure oil supply concerns intensified.
The New York Mercantile Exchange, February light sweet crude oil futures settled down $ 1.37 to $ 100.87 a barrel, down 1.3%; the ICE Brent crude oil futures settled down $ 1.04 to $ 112.24 a barrel.
The front-month February RBOB gasoline futures settled down 0.95 cents to $ 2.7633 a gallon. February heating oil futures settled down 3.68 cents to $ 3.0646 a gallon World Steel Pipe News . The two contracts end after rising for three trading days of gains.
However, U.S. oil inventory data showed crude oil and petroleum product inventory increases more than expected, set the tone for the message to the market trend.
At the same time, U.S. Treasury Secretary Timothy Geithner (TimothyGeithner) urged China to slash oil imports from Iran. Prior to the U.S. oil trade of the country and Iran to develop new sanctions.