Crude Oil Price Falls As Support Improves

Crude oil price falls as support improves

NEW YORK, Oct. 10 (Xinhua) — Crude oil price declined slightly Monday, as support improved and demand dropped.

New York’s main contract, light sweet crude for delivery in November, fell four cents to 61.80 dollars per barrel in closing deals. In London, the price of Brent North Sea crude for November delivery plunged 1.05 dollars to close at 58.16 dollars per barrel, having fallen to 57.82 dollars — the lowest level since July 28.

US government figures showed that US fuel consumption averaged 19.9 million barrels per day during the past four weeks, 2.9 percent less than a year earlier.

On the support sector, imports of gasoline and other fuels jumped 26 percent to 4.5 million barrels last week, the highest since at least 1990, according to the Energy Department.