Light, sweet crude for March delivery dropped by over a dollar to settle at US$57.71 a barrel on the New York Mercantile Exchange. Prices had reached $59.85 after the report was released. Brent crude also fell US$1.19 to settle at $57.23 a barrel on London's ICE commodities exchange.
Amid concerns of lower-than-expected demand last week for distillate fuels such as heating oil, crude oil prices settled below US$58 a barrel Wednesday. This dip followed Wednesdays' rise in price due to a knee-jerk reaction after the Department of Energy reported that U.S. crude oil inventories fell by 400,000 barrels last week to 324.5 million barrels. The knee-jerk reaction after the report came out was to go higher, because the decline in inventories was contrary to expectations, but upon further reflection, traders lturned bearish.
08-Feb-07 
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