Wednesday October 04, 2006

Oil falls below $59 on supplies expectations

bloomberg.com :

Crude oil was trading below $59 a barrel in New York, dropping the most in almost 14 months on expectations that a U.S. government report will show a jump in fuel stockpiles. Supplies of distillate fuel, which includes heating oil and diesel, and of gasoline probably rose last week, according to a Bloomberg News survey. Gasoline stockpiles the previous week jumped by the most in five years. Crude oil output cutbacks announced by Venezuela and Nigeria won't crimp supplies, analysts said.

Crude oil for November delivery was at $58.58 a barrel in after-hours electronic trading on the New York Mercantile Exchange at 9:27 a.m. Sydney time. Futures have dropped 25% from a record $78.40 a barrel on July 14 as tensions in the Middle East eased and U.S. fuel stockpiles increased.

See also :

1. Crude oil falls below $64 on forecast for lower global demand
2. Crude oil falls to 5-month low as natural gas inventories surge
3. Oil dips below $60 as supplies build
4. Oil price very low, action needed: OPEC chief

(2006-10-04 12:59:50 SGT) [Energy] Permalink

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