Crude Oil Prices Plummet in New York
Posted on: Wednesday, 19 October 2005, 09:00 CDT
Crude oil prices plummet in New York NEW YORK, Oct. 18 (Xinhua) -- Crude oil prices plummeted more than 1 dollar Tuesday as Hurricane Wilma may miss the platforms and refineries on the US Gulf Coast.
New York's main contract, light sweet crude for delivery in November, lost 1.16 dollars to 63.20 dollars per barrel in closing trades.
In London, the price of Brent North Sea crude for December delivery shed 1.29 dollars to 59.28 dollars per barrel in electronic deals.
Nymex heating oil futures fell 4.91 cents to settle at 1.9342 US dollars a gallon, while gasoline futures slipped 8.01 cents to settle at 1.7352 dollars a gallon. Natural gas futures fell 46.6 cents to settle at 13.421 dollars per 1,000 cubic feet.
New forecast models placed the storm closer to western Cuba than Mexico's Yucatan Peninsula by Friday. The storm was forecast to then turn sharply in the Gulf of Mexico toward Florida over the weekend.It is forecast to become a Category 3 hurricane with winds exceeding 111 mph (178 kph) by Thursday.
The Organization of Petroleum Exporting Countries said Monday demand growth for this year would amount to 1.18 million barrels a day, or 17 percent less than previously thought, with total demand at 83.26 million barrels a day.
Source: Xinhua News Agency - CEIS
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