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Name | Symbol | Market | Type |
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US Oil and Gas PLC (CE) | USOTC:USOPY | OTCMarkets | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
By Nicole Friedman
NEW YORK--U.S. oil prices fell toward the psychologically key $80 a barrel level Wednesday, then pared some losses, as disappointing economic data weighed on the well-supplied market.
Oil futures have plunged for months as global supplies have increased and demand growth has failed to keep up. Brent, the global oil benchmark, is down about 25% from its mid-June high.
Both the benchmark global and U.S. oil contracts hit multiyear lows Tuesday after the International Energy Agency lowered its forecast for global demand growth this year and next.
On Wednesday, the U.S. benchmark fell as low as $80.01 a barrel on the New York Mercantile Exchange after U.S. retail sales data was released. The contract recently traded down 15 cents, or 0.2%, at $81.69 a barrel.
U.S. retail and food sales fell 0.3% in September from August, posting the first monthly decline since January. Economists surveyed by The Wall Street Journal had expected a 0.1% decrease.
Even though gasoline prices were at four-year lows for the time of year, sales at gasoline stations fell 0.8% from August and 2.5% from a year before, indicating that cheaper gasoline didn't spur increased demand from drivers.
"It's hard to find any speck of bullish sentiment or bullish news or anything along that line to hang your hat on," said Bob Yawger, director of the futures division at Mizuho Securities USA Inc. The retail sales "didn't help," he said.
Brent, the global benchmark, recently traded down 15 cents, or 0.2%, at $84.89 a barrel on ICE Futures Europe.
Traders are concerned that the Organization of the Petroleum Exporting Countries is unlikely to cut output to raise prices, as it has in the past. OPEC's next meeting is Nov. 27.
Iran said Tuesday that it is comfortable with current prices, surprising many market watchers. And Saudi Arabia, the largest OPEC producer, has sent mixed signals about whether prices are too low for the country's budgetary needs.
"We feel that a long-term price bottom will likely be established next month," after OPEC's meeting, said energy-advisory firm Ritterbusch Associates in a note.
November reformulated gasoline blendstock, or RBOB, recently rose 0.09 cent to $2.1811 a gallon.
November diesel fell 0.74 cent, or 0.3%, to $2.4648 a gallon.
Write to Nicole Friedman at nicole.friedman@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
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