Energy prices drop with gasoline supplies surging

Source: Agencies | June 25, 2009, Thursday |

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.

Energy

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Energy prices drop with gasoline supplies surging

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