What is reason for Oil falls to near $68 as US crude supplies jump?
VIENNA – Oil prices dropped further below $69 a barrel Thursday, after an unexpected jump in U.S. crude inventories suggested consumer demand remains in the doldrums. Benchmark crude for November delivery was down 32 cents at $68.65 a barrel by noon European electronic trading on the New York Mercantile Exchange. The contract tumbled $2.79 to settle at $68.97 on Wednesday. The $70 a barrel level has been a magnet for months, with growing optimism that the global economy is recovering from recession offset by signs that crude demand isn’t picking up. Crude supplies grew by 2.8 million barrels and gasoline by 5.4 million barrels last week, according to the Energy Information Administration on Wednesday. Analysts had expected crude levels to decline by nearly that much, according to a survey by Platts, the energy information arm of McGraw-Hills Cos. “Yesterday’s EIA inventory data offered a gut punch to bulls,” commented Vienna’s JBC Energy. on the steep decline. A weaker U.S. dollar has
VIENNA — Oil prices dropped further below $69 a barrel Thursday, after an unexpected jump in U.S. crude inventories suggested consumer demand remains in the doldrums. Benchmark crude for November delivery was down 32 cents at $68.65 a barrel by noon European electronic trading on the New York Mercantile Exchange. The contract tumbled $2.79 to settle at $68.97 on Wednesday. The $70 a barrel level has been a magnet for months, with growing optimism that the global economy is recovering from recession offset by signs that crude demand isn’t picking up. Crude supplies grew by 2.8 million barrels and gasoline by 5.4 million barrels last week, according to the Energy Information Administration on Wednesday. Analysts had expected crude levels to decline by nearly that much, according to a survey by Platts, the energy information arm of McGraw-Hills Cos. “Yesterday’s EIA inventory data offered a gut punch to bulls,” commented Vienna’s JBC Energy. on the steep decline. A weaker U.S. dollar has
Oil prices dropped to near $68 a barrel Thursday in Asia as an unexpected jump in U.S. crude inventories suggested consumer demand remains in the doldrums. » Full Story on Yahoo! Finance Sources: http://us.lrd.yahoo.com/_ylt=AhZeMobESWxHk7TsJCSbwzB0fNdF/SIG=11qo8ofmv/**http%3A//biz.yahoo.com/ap/090924/oil_prices.html%3F.
