BLBG:Oil Fluctuates in New York, Erasing Earlier Gains on U.S. Rating Concern
Oil fluctuated in New York, reversing an earlier gain of 0.7 percent, as concern U.S. debt ratings may be downgraded outweighed prospects for economic expansion in the world’s biggest crude user.
Crude for August delivery was at $95.62 a barrel, down 7 cents, on the New York Mercantile Exchange at 3:05 p.m. Singapore time after earlier gaining as much as 65 cents. The contract yesterday declined $2.36 to $95.69, the lowest since July 11. Prices are down 0.6 percent for the week and 25 percent higher the past year.
Brent oil for September settlement was at $115.98 a barrel, down 28 cents, on the London-based ICE Futures Europe exchange. The European benchmark grade was at a premium of $19.86 to New York crude after settling at a record of $22.63 yesterday.
To contact the reporter on this story: Christian Schmollinger in Singapore at christian.s@bloomberg.net
To contact the editor responsible for this story: Jane, Ching Shen Lee at jalee@bloomberg.net
