Related News
Oil falls below US$97 on ample supplies
Online Edition
The price of oil fell another 1.5 percent yesterday on higher US supplies of crude and weak demand for fuel.
Benchmark US crude for December delivery fell US$1.44 to US$96.86 a barrel in New York. The price has fallen 5 percent over the last week to its lowest level since late June.
Brent crude, which is used to price international oil used at many US refineries, was down US$2.17 to US$107.80 per barrel in London.
The US Energy Department said in a report issued yesterday that oil inventories rose by 5.2 million barrels over the past week. That followed the government's report released Monday that showed a 4 million barrel increase in crude supplies for the week ended Oct. 11.
Gasoline inventories decreased by 1.8 million barrels, but supplies of both oil and gasoline are at the upper range of their average over the past five years.
Demand for fuels fell 1.5 percent compared to the same period last year.
Oil analyst Jim Ritterbusch said in a report yesterday that the market looked "oversupplied" because of rising US production.
Another factor in oil's recent decline, analysts say, is reduced risk of supply disruptions out of the Middle East — and a possible return of more Iranian crude to the global market — as talks between Iran and the West over Iran's nuclear program have re-started.
In other energy futures trading on the New York Mercantile Exchange:
— Wholesale gasoline fell 6.5 cents to close at US$2.552 a gallon.
— Natural gas rose 3.8 cents to close at US$3.619 per 1,000 cubic feet.
— Heating oil fell 7.4 cents to close at US$2.923 a gallon.
- 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.
