Oil prices hover above US$87 despite dropping

18-Oct-07
Oil prices continue to hover around the US$87 a barrel mark, despite dipping in Asian trading. The drop in price was attributed to a U.S. inventory report showing larger than expected fuel stocks pulled crude futures back from a new trading record. On the other hand, markets were witness to news that Turkey's parliament approved a government plan to attack Kurdish rebels in northern Iraq as well as an explosion at a small refinery in Montana. Light, sweet crude for November delivery fell to US$87.31 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The Energy Information Administration reported a 1.8 mln barrel rise in crude inventories during the week ended Oct. 12, more than the 1 million barrel increase estimated. Market players pinpoint speculative investments as the real culprit behind oil's rally over the last week, pointing out that supply and demand fundamentals do not support prices at such a high level.
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