Crude Oil, Products Prices Falling
Posted on: Tuesday, 26 July 2005, 12:00 CDT
High inventories of crude and products, balmy weather over the Gulf of Mexico and visions of weakening demand Tuesday crimped crude oil and product prices.
A barrel of high-quality crude fell to $58.78 per barrel on the New York Mercantile Exchange.
Heating oil futures fell to $1.606 per gallon, and unleaded gasoline declined to $1.684 per gallon.
Natural gas fell to $7.26 per million Btu, a standard volumetric measure of the commodity.
Stocks of crude and products remained above historic averages, and China's slight revaluation last week of its yuan indicates Beijing is taking steps to cool down that nation's hot economy -- and even hotter demand for hydrocarbons.
Source: United Press International
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