Related News
Energy prices drop with gasoline supplies surging
Source: Agencies |
June 25, 2009, Thursday
|
Online Edition
Online Edition
ENERGY prices fell yesterday after the U.S. government reported that gasoline in storage grew for the third-straight week, another signal that consumer demand for energy is waning.
Benchmark crude for August delivery lost 57 cents to settle at US$68.67 a barrel on the New York Mercantile Exchange.
In London, Brent prices fell 47 cents to settle at US$68.33 a barrel on the ICE Futures exchange.
The Energy Department's Energy Information Administration reported yesterday that U.S. oil supplies dropped more than expected last week, falling 1.1 percent. Still, gasoline in storage swelled more than expected to 208.9 million barrels.
Supply and demand numbers this year have taken a back seat to the dollar, however.
Fedederal Reserve, which said in March it would spend US$1.2 trillion to revive lending, has sent investors flocking to oil and other commodities in search of a hedge against inflation. But on yesterday, the Fed said that inflation will remain "subdued for some time."
After the announcement, the euro moved slightly lower at US$1.3919 from US$1.4083.
Benchmark crude for August delivery lost 57 cents to settle at US$68.67 a barrel on the New York Mercantile Exchange.
In London, Brent prices fell 55 cents to US$68.25 a barrel on the ICE Futures exchange.
Benchmark crude for August delivery lost 57 cents to settle at US$68.67 a barrel on the New York Mercantile Exchange.
In London, Brent prices fell 47 cents to settle at US$68.33 a barrel on the ICE Futures exchange.
The Energy Department's Energy Information Administration reported yesterday that U.S. oil supplies dropped more than expected last week, falling 1.1 percent. Still, gasoline in storage swelled more than expected to 208.9 million barrels.
Supply and demand numbers this year have taken a back seat to the dollar, however.
Fedederal Reserve, which said in March it would spend US$1.2 trillion to revive lending, has sent investors flocking to oil and other commodities in search of a hedge against inflation. But on yesterday, the Fed said that inflation will remain "subdued for some time."
After the announcement, the euro moved slightly lower at US$1.3919 from US$1.4083.
Benchmark crude for August delivery lost 57 cents to settle at US$68.67 a barrel on the New York Mercantile Exchange.
In London, Brent prices fell 55 cents to US$68.25 a barrel on the ICE Futures exchange.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
