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U.S. oil price drops on ample supplies

English.news.cn   2014-01-30 05:55:01

NEW YORK, Jan. 29 (Xinhua) -- U.S. oil price fell Wednesday as U.S. crude stockpiles rose more than expected last week.

U.S. crude supplies added 6.4 million barrels to 357.6 million barrels for the week ended Jan. 24, topping market expectation, said the Energy Information Administration (EIA), the Energy Department's statistical arm.

Also Wednesday, the Federal Reserve said after a two-day policy meeting that it will further trim its pace of bond purchases by 10 billion U.S. dollars starting February.

If further information supports the Fed expectation of labor market and inflation, the Fed said it will likely reduce the pace of asset purchases at future meetings.

The market expected that the Fed will reduce asset purchases by 10 billion dollars at each meeting to end the program this year, as U.S. economic activity is expanding at a moderate pace, and labor market conditions have shown further improvement.

The so-called tapering of the Fed's asset purchase would likely boost the U.S. dollar, making dollar-priced oil less attractive for countries using other currencies.

Light, sweet crude for March delivery edged down 5 cents to settle at 97.36 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery gained 44 cents to close at 107.85 dollars a barrel.

Editor: Mu Xuequan
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