Oil Prices Plummet As Stockpiles Rise

Oil prices plummet as stockpiles rise

NEW YORK, Jan. 25 (Xinhua) — Crude oil prices plummeted by more than one dollar for a second consecutive session Wednesday as U.S. distillates and gasoline stockpiles rose.

New York’s main contract, light sweet crude for delivery in March, fell 1.21 dollars to close at 65.85 dollars a barrel.

In London, the price of Brent North Sea crude for March delivery dropped 1.11 dollars to a close of 64.23 dollars a barrel.

Heating oil futures declined by 2.65 cents to 1.7906 dollars a gallon, while gasoline futures slid 7.98 cents to 1.6646 dollars a gallon. Nymex natural gas fell 22.2 cents to settle at 8.46 dollars per 1,000 cubic feet.

U.S. Department of Energy said Wednesday that its supplies of distillate products, U.S.ed to make heating fuel and diesel, rose 1.8 million barrels to 136.5 million in the week ended January 20, while reserves of motor gasoline, or petrol, were up 3.2 million barrels over the week at 214.8 million.

U.S. crude stocks fell 2.3 million barrels to total 319.1 million barrels. But the level is still “well above the upper end of the average range for this time of year”, the DoE said.