|
Posted by Monitor on June 25, 2008, 12:00 pm
Oil prices drop on report of higher oil stockpiles
Published: Wednesday June 25, 11:41 am ET
http://biz.yahoo.com/ap/080625/oil_prices.html
Oil prices fall sharply after Energy Department says oil, fuel
supplies higher than expected
NEW YORK (AP) -- Oil futures fell sharply Wednesday after the Energy
Department said the nation's supplies of fuel and oil were larger than
expected last week -- evidence that the soaring price for gasoline has
sliced into Americans' demand for fuel.
At the pump, gas prices inched lower but remain entrenched above $4 a
gallon.
In its weekly inventory report, the department's Energy Information
Administration said crude oil supplies rose slightly last week.
Analysts surveyed by research firm Platts had expected a 1.7 million
barrel decline.
Gasoline supplies fell less than expected. And inventories of
distillates -- which include diesel fuel and heating oil -- rose much
more than expected.
Demand for gas, meanwhile, fell 2.1 percent.
"At some point, that's going to bring (gas) prices down," said Phil
Flynn, an analyst at Alaron Trading Corp. in Chicago.
Light, sweet crude for August delivery fell $4.86 to $132.14 on the
New York Mercantile Exchange.
The weekly inventory report tends to trigger volatile trading in oil
futures, especially since prices have risen to record levels near
$140. However, energy investors are also awaiting the afternoon
Federal Reserve decision on interest rates and, perhaps more
importantly, the central bank's take on where the economy is headed.
Interest rates affect the dollar, and the Fed's campaign of rate cuts,
which began in September, has sent the greenback into a protracted
decline against the euro. Many analysts believe this decline is a big
part of the reason oil prices have nearly doubled over the past year.
|
| Similar Threads | Posted | | Another higher yield adventure | August 31, 2007, 11:30 am |
| Oil jumps to near $64 on higher Asian stocks | November 10, 2008, 1:42 am |
| Build your site,get higher trafffic,and multiply profits. | July 30, 2007, 5:11 am |
| Some bargain prices can be found on jewelry that is sold in bulk and at auction houses on the internet. While the condition of the items might be used, some fine jewelry pieces will be sold as new. Careful shopping for the best prices might require a s | April 26, 2008, 3:06 am |
| The Undervalued Stock Report | October 8, 2007, 6:21 pm |
| Get your Free Google AdWord Report | September 6, 2007, 11:29 pm |
| US car giants report large losses | November 9, 2008, 5:14 am |
| Chinses stock market 2006-05-23 report | May 23, 2006, 9:40 pm |
| Do you trade with this 'hand-holding' daily report? | May 28, 2008, 3:11 am |
| SEC proposals may diminish credit ratings role: report | June 24, 2008, 1:31 am |
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap