Crude Oil Prices Drop As Supplies of Distillates Increase
Posted on: Thursday, 14 July 2005, 09:01 CDT
Crude oil prices drop as supplies of distillates increase
NEW YORK, July 13 (Xinhua) -- Crude oil futures fell Wednesday after a US government report showed a more-than-expected increase in stockpiles of distillates.
On the New York Mercantile Exchange, light, sweet crude oil futures dropped 61 cents to end at 60.01 dollars a barrel, while on London's International Petroleum Exchange, the August Brent crude- oil futures contract fell 55 cents to finish at 58.27 dollars per barrel.
The Energy Department reported that US supplies of distillates rose 3.19 million barrels last week, more than a 2 million-barrel increase analysts and traders had expected. The category of " distillates" included heating oil and diesel fuel. However, the government report showed that inventories of crude oil fell 3.9 million barrels to 320.9 million, and refinery operations fell 1.9 percent to 96.2 percent.
Meanwhile, the International Energy Agency lowered its outlook for growth in oil demand in the United States in the fourth quarter, signaling that use of oil products might be growing less than expected this year.
Source: Xinhua News Agency - CEIS
Related Articles
- Crude Prices Fall More Than $3 Per Barrel
- Oil Tops $97 on Expected Stockpiles Drop
- Oil Prices May Drop Below $60 Per Barrel - Iea
- Oil Prices Climb, Natural Gas Futures Dip
- Oil Prices Up, Settle Near $60 Per Barrel
- Venezuelan Oil Reserves Rise to Over 80 Billion Barrels
- US Crude Oil Prices Surge Above 70 Dollars Per Barrel
- Opec Expects an Increase in Demand for Oil
- Kuwaiti Crude Oil Price Reaches 52.88 Dollars Per Barrel
- Crude Oil Prices Gain on Expected Drop in US Supplies
 |
 |
User Comments (0)
RSS Feeds