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Oil Gains on South Sudan, Natural Gas Hurt by Weather Forecasts

December 24, 2013 at 22:56 by Vladimir Vyun

Crude oil gained today on speculations that the conflict in South Sudan will reduce supply. Fightings resulted in death at least 500 people and the evacuation of employees from India’s Oil & Natural Gas Corp. The region exports about 220,000 barrels per day. February futures for delivery of WTI crude oil gained $0.31 (0.31 percent) to $99.22 on NYMEX today. Brent crude advanced $0.34 (0.30 percent) to $111.90 per barrel on ICE.

Natural gas demonstrated losses today as forecasters promised warmer weather in the United States. Higher temperatures should decrease demand for heating fuel. The commodity may yet rebound as some analysts think that inventories will shrink. January futures for delivery on natural gas dropped $0.047 (1.05 percent) to $4.416 per million British thermal units on NYMEX today.

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