Crude Oil Prices Plummet As US Crude Stockpiles Improve
October 27, 2005
Crude oil prices plummet as US crude stockpiles improve
NEW YORK, Oct. 26 (Xinhua) — Crude oil prices plummeted Wednesday as US crude stockpiles continued to increase.
New York’s main contract, light sweet crude for delivery in December, fell 1.78 dollars to end at 60.66 dollars a barrel.
In London, the price of Brent North Sea crude for December delivery dropped 1.37 dollars to close at 58.87 dollars a barrel.
US Department of Energy said crude oil inventories rose by 4.4 million barrels for the week ended on October 21 to total 316.4 million barrels. That is 12.3 percent above the level in the corresponding period of last year. The report also showed that stock of gasoline increased by 200,000 barrels to 195.9 million last week.