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Thursday, August 27, 2009

Oil falls below $72 a barrel in Asian trade

Wednesday, 26 August 2009

Global oil prices eased further in Asian trade Wednesday after sliding more than three percent overnight. Light sweet crude for October delivery was seen trading at $71.86 a barrel at 10.30 a.m Singapore time while Brent crude was at $71.69 a barrel at the same time. On Tuesday, October delivery dropped $2.33, or 3.1 per cent, to settle at $72.04 a barrel at the close of floor trading on the New York Mercantile Exchange. The contract touched $US71.11, the lowest level since August 19. Oil has risen 62 per cent this year
Brent North Sea crude for October delivery shed 41 cents to close at $71.41 a barrel.
Oil extended losses from its highest since last October a day ago as US industry figures showing a hefty rise in country’s crude stocks and overshadowing upbeat economic data.
American Petroleum Institute (API) data showed an unexpected 4.3 million-barrel build in US crude stocks last week, confounding analysts' expectations for a 1.1-million-barrel fall, and coming after the 8.4-million-barrel drop the week before.
Gasoline stocks fell 1.8 million barrels, the API said, more than the 1-million-barrel drop predicted in the Reuters poll, while distillates declined 146,000 barrels, versus forecasts for a 300,000-barrel rise.
Investors also viewed prices touching 10-month highs near $75 Tuesday, capping oil's jump of 65 % this year, as a good reason to take profits.
Source: Commodity Online