Crude Oil Futures Drop in New York on Bearish Demand Outlook
Posted on: Tuesday, 19 July 2005, 09:01 CDT
Crude oil futures drop in New York on bearish demand outlook
NEW YORK, July 18 (Xinhua) -- Crude oil prices fell Monday after the Organization of Petroleum Exporting Countries (OPEC) cut its global demand forecast for 2005.
On the New York Mercantile Exchange, light, sweet crude oil futures for August delivery declined 77 cents to end at 57.32 dollars a barrel, while on London's International Petroleum Exchange, the September Brent crude-oil futures contract fell 75 cents to settle at 56.86 dollars per barrel.
OPEC said in its monthly report that world demand would expand by 1.62 million barrels to 83.66 million a day, or 150,000 barrels a day less than its previous estimate. While global demand was expected to exceed 85 million barrels per day for 2006, the group said it would have excess production capacity of 4.4 million barrels per day, or more than twice today's level, to meet growing demand.
Oil brokers also cheered a report from the federal Minerals Management Service, which showed that less than 1 percent of oil and natural gas output had been shut down in the Gulf of Mexico as result of Hurricane Emily. The region normally produced 547.5 million barrels of oil and 3.65 trillion cubic feet of gas every year.
Source: Xinhua News Agency - CEIS
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