Crude Oil Prices Decline in New York

Crude oil prices decline in New York

NEW YORK, Oct. 14 (Xinhua) — Crude oil prices declined Friday as refinery output is improving and gasoline demand is dropping.

New York’s main contract, light sweet crude for delivery in November, fell 45 cents to 62.63 dollars per barrel in closing trading.

In London, the price of Brent North Sea crude for November delivery dropped 79 cents to 59.35 dollars per barrel in closing deals.

US Energy Information Administration reported Thursday that US refinery utilization jumped by 5.1 percentage points last week to about 75 percent of operable capacity after plunging nearly 17 percent in the aftermath of Hurricane Rita.

On the demand, gasoline demand was down 57,000 barrels a day on the week at 8.783 million barrels a day, a 1.5 percent decline on the year, the EIA said. In the four weeks ended Oct. 7, gasoline demand averaged 8.882 million barrels a day, down 2.4 percent on the year, according to the report.