Crude plummets on East Coast storm recovery, tanker ban waiver
Published Nov 02, 2012 01:55PM ET
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December traded at USD85.14 a barrel on Friday, down 2.24%, off from a session high of USD87.05 and up from an earlier session low of USD85.04.
Seven refineries carrying a combined capacity of 1.29 million barrels a day had shut or reduced operations because of Sandy in recent days.
Their eventual return to operations, however, will add crude to a market that is awash in supply, which pushed prices down on Friday.
Elsewhere, U.S. government temporarily waived the Jones Act, a move that will allow foreign tankers to haul fuels from Gulf Coast refineries the storm-stricken northeastern U.S.
The Jones Act requires ships moving goods from port to port within the U.S. to be domestically built and crewed.
The market shrugged off better-than-expected jobs data.
The U.S. Bureau of Labor Statistics revealed earlier that the U.S. economy added 171,000 jobs in October, beating out analysts' calls for a gain of around 125,000.
The headline unemployment rate rose to 7.9% from 7.8% in September.
On the ICE Futures Exchange, Brent oil futures for December delivery were down 2.38% and trading at USD105.59 a barrel, up USD20.45 from its U.S. counterpart.
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Written By: Investing.com
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