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Oil falls below $42 in Asia as Europe supply ensured
1/2/2009 7:04 AM ET
(RTTNews) - Oil prices fell below
$42 a barrel Friday in Asia, apparently relieved by Russia's assurance that its dispute with the Ukraine over natural gas payments wouldn't affect shipments to Western Europe.
When oil trading was resumed after the New Year Day's break, light, sweet crude for February delivery fell from Wednesday's $44.60 to $41.55 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Singapore.
The contract rose $5.57 Wednesday, after Russia's gas export monopoly Gazprom threatened to cut off natural gas supplies to the Ukraine.
After a dispute over the non-payment of dues could not be resolved though talks between the two entities Thursday, Gazprom halted gas supply to the Ukraine.
At the same time, the Russian gas giant said it is also increasing gas pumped through pipelines that supply other European consumers.
Three years ago, a similar dispute between the former Soviet republics briefly interrupted gas shipments to many European countries. The Ukraine controls the pipelines geographically through which Russia supplies gas to most of its buyers in Europe.
In London, February Brent crude fell $3.31 to $42.28 a barrel on the ICE Futures exchange.
by RTT Staff Writer
For comments and feedback: contact [email protected]
Oil falls below $42 in Asia as Europe supply ensured
1/2/2009 7:04 AM ET
(RTTNews) - Oil prices fell below
$42 a barrel Friday in Asia, apparently relieved by Russia's assurance that its dispute with the Ukraine over natural gas payments wouldn't affect shipments to Western Europe.
When oil trading was resumed after the New Year Day's break, light, sweet crude for February delivery fell from Wednesday's $44.60 to $41.55 a barrel in electronic trading on the New York Mercantile Exchange by afternoon in Singapore.
The contract rose $5.57 Wednesday, after Russia's gas export monopoly Gazprom threatened to cut off natural gas supplies to the Ukraine.
After a dispute over the non-payment of dues could not be resolved though talks between the two entities Thursday, Gazprom halted gas supply to the Ukraine.
At the same time, the Russian gas giant said it is also increasing gas pumped through pipelines that supply other European consumers.
Three years ago, a similar dispute between the former Soviet republics briefly interrupted gas shipments to many European countries. The Ukraine controls the pipelines geographically through which Russia supplies gas to most of its buyers in Europe.
In London, February Brent crude fell $3.31 to $42.28 a barrel on the ICE Futures exchange.
by RTT Staff Writer
For comments and feedback: contact [email protected]
