Light, sweet crude for July delivery fell to US$70.07 a barrel in morning Asian electronic trading on the New York Mercantile Exchange. Oil prices declined on Tuesday as news came in that Tropical Storm Alberto would not threaten the Gulf of Mexico's petroleum infrastructure and crude supplies. Adding to the downward pressure on prices is forecasts of healthy crude supplies in the United States, as demand continues to be flat, ahead of Wednesday's inventory report.
Last weeks report by the Energy Department indicated that U.S. crude-oil stocks grew by 1.1 million barrels standing 4% above year-ago levels. Gasoline inventories grew by 1 million barrels standing 2.5% below year-ago levels. The commercial supply of distillates, including heating oil and diesel, increased by 1.8 million barrels (8.5% more than a year ago)
13-Jun-06 
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