U.S. oil trades lower amid weak demand
Posted on: Thursday, 23 July 2009, 07:20 CDT
U.S. crude oil traded lower Thursday, a day after data showed total U.S. petroleum inventories continued to rise amid weak demand.
Light, sweet crude for September delivery fell 43 cents, or 0.66 percent, to $64.97 a barrel in midmorning trading on the New York Mercantile Exchange.
Total inventories of crude, gasoline and other petroleum products rose 1.9 million barrels last week to 1,117.6 million barrels, up for a sixth straight week to the highest level since September 1990, the U.S. Energy Information Administration reported.
The EIA is an independent statistical agency within the U.S. Energy Department.
August natural gas futures gained 4 cents, or 1.11 percent, to $3.84 per 1,000 cubic feet.
August heating oil fell 0.58 cent, or 0.34 percent, to $1.7054 a gallon.
August reformulated gasoline blendstock climbed 1.14 cents to 1.8497 a gallon.
AAA said the average U.S. retail price for regular unleaded gasoline was $2.465 a gallon, up 0.004 cents from Wednesday's $2.461 a gallon.
Source: United Press International
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