Oil prices mixed

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    Local oil players implemented another mixed price movement yesterday after the United States revealed a build-up in domestic inventories amid the Organization of the Petroleum Exporting Countries’ (OPEC) announcement of a lower-than-expected surplus.

    According to the Department of Energy (DOE), the latest average Manila price per liter of gasoline (RON95) is at P52.34, diesel at P43.40 and kerosene at P48.15.

    Shell increased the per liter prices of gasoline by P0.85 but reduced the per liter prices of diesel and kerosene by P0.25.

    Petron adjusted the cost of gasoline upward by P0.80 per liter but lowered that of diesel and kerosene by P0.30 and P0.20 per liter, respectively.

    Seaoil also raised the prices of gasoline by P0.80 but decreased the cost of diesel by P0.30 and kerosene by P0.20.

    The DOE said as of November 6, year-to-date adjustments stand at a net increase of P5.06 per liter for gasoline, P3.67 per liter for diesel and P0.86 per liter for kerosene.

    Reuters reported that as of last Thursday, brent crude futures settled at $62.28 a barrel while West Texas Intermediate crude ended at $56.77 a barrel.

    The report cited the Energy Information Administration’s data of US crude stockpiles growing at a record 2.2 million barrels, exceeding the 1.649 million-barrel rise forecast.

    However, its effects in global crude pricing were offset after the OPEC claimed a smaller global crude surplus next year. Global crude prices were also capped by mixed signs for oil demand in China.