Crude prices held near recent lows on Friday as traders sat on the sidelines before next week's closely contested US election. New York December light sweet crude inched up to 51.00 dollars a barrel, while London's Brent December contract slipped to 48.20 dollars. Prices had shed roughly 7.7 percent since Tuesday.
Several factors weighed on the market. A US government survey revealed domestic crude stockpiles jumped by 4.0 million barrels last week, exceeding forecasts. Output from Gulf of Mexico facilities, damaged by hurricane-related pipeline disruptions, also showed signs of recovery.
China's central bank added to the downward pressure by lifting its benchmark one-year lending rate to 5.58 percent, its first such move in nearly nine years. Some analysts cautioned that the rate hike's effect on Chinese oil consumption may be limited, given widespread regional power shortages already constraining the economy.
Historical summary. TurkishPress restated this AFP wire report, first published in October 2004, in its own words.