Crude Prices Decline As Inventories Rise
Posted on: Friday, 14 October 2005, 09:01 CDT
Crude prices decline as inventories rise
NEW YORK, Oct. 13 (Xinhua) -- New York's crude future price declined more than 1 dollar Thursday after US Energy Information Administration reported that US commercial crude oil inventories rose for the first time in seven weeks.
New York's main contract, light sweet crude for delivery in November, fell 1.04 dollars to settle at 63.08 dollars per barrel in closing trade. Heating oil for November delivery fell nearly 2 cents to 1.9969 dollars a gallon, and November gasoline fell nearly 7 cents to finish at 1.7579 dollars a gallon.
In London, the price of Brent North Sea crude for November delivery dropped 43 cents to 60.14 dollars per barrel.
US commercial crude oil reserve gained one million barrels to 306.4 million barrels in the week ending October 7, about 11 percent higher than they were a year ago, according to the EIA. It was the first rise in oil stockpiles since the week ending August 19.
Gasoline inventories dropped by 2.7 million barrels last week to 192.8 million. That was nearly 6 percent lower than their levels a year ago.
The Department of the Interior's Minerals Management Service announced Thursday that 68.8 percent of daily oil production in the Gulf and 56.7 percent of natural gas production remained blocked as platforms and rigs recover.
Source: Xinhua News Agency - CEIS
Related Articles
- Crude oil gains 3.2 percent for week
- Crude Oil Stocks Unchanged in Week
- Crude Oil Prices Hold Steady Friday
- Allenergy, Inc. Announces Record Kansas Crude Oil Prices; Recent Sales at $134.50/Barrel.
- Crude Oil Prices Top $99 a Barrel
- US Crude Oil Inventories Fall, Gasoline Supplies Rise Last Week
- Crude Oil Prices Rebound to $63.38 a Barrel
- US Commercial Crude Oil Inventories Rise Slightly Last Week
- Crude Oil Prices Edge Up to $59 Per Barrel
- US Commercial Crude Oil Inventories Decline Last Week
 |
 |
User Comments (0)
RSS Feeds