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Oil down slightly as fiscal-cliff talks continue

Published on NewsOK Modified: December 28, 2012 at 2:13 pm •  Published: December 28, 2012

Gasoline supplies increased by 3.8 million barrels, well above the 250,000-barrel increase that analysts forecast. Demand for gasoline at the wholesale level is nearly 3 percent lower than a year ago.

Flynn also said traders were looking beyond the fiscal cliff to supply changes in the new year. Next month the pipeline flow between Cushing and Texas will increase. That means more buyers can access that oil, so Flynn expects higher prices for crude. And with much of the nation facing its real first cold snap of the winter — with the coldest temperatures in two years — Flynn said many traders expect more demand for petroleum products.

In other energy futures trading on the Nymex:

— Wholesale gasoline fell 2 cents to end at $2.80 a gallon.

— Heating oil fell 3 cents to finish at $3.04 a gallon.

— Natural gas rose 6 cents to end at $3.47 per 1,000 cubic feet.

In London, Brent crude, used to price various kinds of foreign oil, fell 18 cents to finish at $110.62 a barrel on the ICE Futures exchange.


Scott Mayerowitz in New York contributed to this story.