A US government report showing an increase in crude oil and gasoline inventories, pushed down oil futures. However, oil continues to trade above US$60 a barrel amid concerns of strained supplies of heating oil and natural gas this winter. New York's main contract, light sweet crude for delivery in December, fell to end US$60.66 a barrel. In London, the price of Brent North Sea crude for December delivery dropped 1.to US$58.87 a barrel. Many are of the opinion that prices have probably gone down too far, especially with peak demand winter season looming.
The report showed domestic crude oil inventories grew by 4.4 million barrels last week to 316.4 million barrels-12% above year-ago levels. Gasoline inventories increased by 200,000 barrels to 195.9 million barrels- 4% lower than last year.
Supply of distillate fuel, which includes heating oil and diesel, reduced by 1.6 million barrels to 121.1 million barrels.
27-Oct-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}