Crude Oil Prices Slipping Back

LONDON: Crude oil prices slipped back, following the sinking of the price of petrol and stop the associated increase spekualsi ConocoPhilips who was preparing to run again an d oil refinery iNew Jersey.

ConocoPhillips is preparing to revive its crude unit at the Bayway plant. In addition, crude oil prices rose after a government report that showed the highest increase since March on U.S. retail sales last month.

"There were rumors that the oil refinery owned by ConocoPhillips Bayway berrpoduksi will soon be back," said Tom Bentz, a broker at BNP Paribas Commodity Futures Inc.. in New York.

Crude oil futures contract for December delivery slipped 2 cents to U.S. $ 84.86 on the New York Mercantile Exchange. In oil futures contract rose 89 cents to U.S. $ 85.77 which has risen 11% from last year's price.

The decline was also experienced fuel futures contract for December delivery was 1.49 cents, or 0.7%, which closed the session with a perch at the level of U.S. $ 2.195 per gallon in New York.

Bayway refinery, which is based along the Port of New York, has produced 238,000 barrels per day and produces primarily low-sulfur crude oil, obviously the official site tersbeut mining companies.

Earlier, crude oil rose after the Commerce Department announced an increase in U.S. retail sales up 1.2% in October after rising by 0.7% in September, which exceeded previous estimates.

Economists anticipate an increase of 0.7%, based on responses from 74 media surveyed by Bloomberg News.

By                    : Tom Bentz, (Brokers at BNP Paribas)

Source              : Bisnis Indonesia

Translated         : Using google Translater facilities