Unexpected increase in US crude stockpiles pulls down oil prices below US$77

29-Jul-10
As per API, US crude inventories saw a surprise increase of 3.1 mln barrels last week vs a forecast of decline by 1.6 mln barrels. Crude oil prices have dropped below US$77, mainly on an unexpected increase in US crude stockpiles. Light sweet crude for September delivery settled at US$77.1, while London’s ICE Brent crude was at US$75.90. A drop in consumer confidence levels in USA that hit energy demand recovery also contributed to oil’s downfall.
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