2013News

Oil goes to US$96.16

Texas Intermediate, the benchmark crude oil for establishing the electricity rates in the Dominican Republic, fell to US$96.16 a barrel in trading on the New York Commodity Exchange yesterday, Tuesday 21 May. This was a US$0.55 drop from Monday’s close. The loss also put an end to a five-day cycle of increasing prices for oil as the markets awaited the statements from Fed chief Ben Bernanke. According to El Nuevo Diario, the markets are uneasy over the possibility that the Fed might start closing the faucet of easy money with which it is feeding the United States recovery – to the tune of US$86 billion a month. Oil also felt the impact of a stronger dollar against other currencies. Tomorrow, Thursday 23 May the market will hear about the situation of oil reserves in the United States.