Prices are still almost 10 per cent higher since the year started, boosted by the approach of the season's severest cold snap in the US Northeast, the world's biggest heating oil market.
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Oil Eased, Awaiting Government Report
Oil prices slipped on Wednesday as traders were waiting for a US government
Oil prices slipped on Wednesday as traders were waiting for a US government report about the increases in fuel stockpiles.
US oil futures dropped 83 cents. (1.7 per cent), to $47.55 a barrel after a round of profit-taking knocked the market off its Tuesday peak of $49.50, the highest level since Nov. 30. London Brent crude fell 68 cents at $44.70 on the IPE.
The losses came ahead of a weekly report from the US Energy Information Administration expected to show small increases in national petroleum stockpiles.
Prices are still almost 10 per cent higher since the year started, boosted by the approach of the season's severest cold snap in the US Northeast, the world's biggest heating oil market.
Prices are still almost 10 per cent higher since the year started, boosted by the approach of the season's severest cold snap in the US Northeast, the world's biggest heating oil market.
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