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Oil ends first losing quarter since late 2008
Source: Agencies |
July 1, 2010, Thursday
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OIL prices dropped slightly yesterday in U.S. trading and closed out their first losing quarter since the final three months of 2008.
The biggest factor in the decline was concern about the viability of the global economic recovery. Europe's financial crisis, signs of slowing growth in China and eroding consumer confidence in the U.S. all flashed warnings signs about energy demand. BP's oil spill in the Gulf has little impact on prices.
Oil dropped 9.7 percent from the end of the first quarter, when it traded at US$83.76.
Oil prices were little changed as supplies fell 2 million barrels last week to 363.1 million barrels, according to the U.S. Energy Department's Energy Information Administration.
Benchmark crude for August delivery fell 31 cents yesterday to settle at US$75.63 a barrel on the New York Mercantile Exchange. The price has ranged between US$75 a barrel and US$78 a barrel for about a month.
In other Nymex trading in July contracts, heating oil fell 3.96 cents to settle at US$1.9817 a gallon and gasoline lost 1.14 cents to US$2.0606 a gallon. August natural gas rose 6.8 cents to US$4.616 per 1,000 cubic feet.
Brent crude fell 43 cents to settle at US$75.01 a barrel on the ICE futures exchange.
Meanwhile, gasoline prices fell ahead of the busy summer driving season. The average price of a gallon of gas declined to US$2.755 from US$2.798. Most analysts had expected a run up above US$3 by July 4.
Gasoline inventories rose by 500,000 barrels last week to 218.1 million barrels, according to the EIA. In the past four weeks, gasoline demand has averaged 9.3 million barrels a day, an increase of about 1.5 percent from the year-ago period.
The biggest factor in the decline was concern about the viability of the global economic recovery. Europe's financial crisis, signs of slowing growth in China and eroding consumer confidence in the U.S. all flashed warnings signs about energy demand. BP's oil spill in the Gulf has little impact on prices.
Oil dropped 9.7 percent from the end of the first quarter, when it traded at US$83.76.
Oil prices were little changed as supplies fell 2 million barrels last week to 363.1 million barrels, according to the U.S. Energy Department's Energy Information Administration.
Benchmark crude for August delivery fell 31 cents yesterday to settle at US$75.63 a barrel on the New York Mercantile Exchange. The price has ranged between US$75 a barrel and US$78 a barrel for about a month.
In other Nymex trading in July contracts, heating oil fell 3.96 cents to settle at US$1.9817 a gallon and gasoline lost 1.14 cents to US$2.0606 a gallon. August natural gas rose 6.8 cents to US$4.616 per 1,000 cubic feet.
Brent crude fell 43 cents to settle at US$75.01 a barrel on the ICE futures exchange.
Meanwhile, gasoline prices fell ahead of the busy summer driving season. The average price of a gallon of gas declined to US$2.755 from US$2.798. Most analysts had expected a run up above US$3 by July 4.
Gasoline inventories rose by 500,000 barrels last week to 218.1 million barrels, according to the EIA. In the past four weeks, gasoline demand has averaged 9.3 million barrels a day, an increase of about 1.5 percent from the year-ago period.
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