Oil Prices Fall Below 61 Dollars As U.S. Energy Stocks Grow

Oil prices fall below 61 dollars as U.S. energy stocks grow

NEW YORK, Feb. 23 (Xinhua) — New York crude oil prices fell below 61 dollars Thursday as U.S. energy stockpiles grew higher.

New York’s main contract, light sweet crude for delivery in April, dropped 47 cents to close at 60.54 dollars per barrel.

In London, the price of Brent North Sea crude for April delivery rose 10 cents to close at 60.54 dollars per barrel.

On the New York Mercantile Exchange, the heating oil added 1.05 cents to close at 1.6626 dollars a gallon as gasoline futures went up 3.89 cents to close at 1.5134 dollars per gallon. Natural gas futures climbed 17.5 cents to finish at 7.458 dollars per 1,000 cubic feet.

The U.S. commercial crude oil inventories rose more than expected in the week ending Feb. 17, the Energy Department said Thursday in its weekly petroleum report.

Crude oil stockpiles increased 1.1 million barrels to 326.7 million, or 10 percent above year ago levels, while gasoline reserves nudged up 100,000 barrels last week to 225.6 million, or less than one percent above year ago levels.

Supplies of distillates, including heating and diesel fuel, fell by 1.3 million barrels to 135.6 million, or 14 percent above year ago levels.

In Nigerian, the recent attacks have forced Shell to halt the flow of about 455,000 barrels a day – about one-fifth of the country’s daily output, or less than 1 percent of total global demand.

Nigeria, with daily exports of 2.5 million barrels, is Africa’s leading oil producer. It is also the fifth-biggest source of U.S. oil imports.

Traders are still concerned about the possibilities that Iran’s oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities.