Light, sweet crude for February delivery dipped to US$63.37 a barrel by midday in Europe in electronic trading on the New York Mercantile Exchange and February Brent crude at London's ICE Futures exchange fell to US $62.87 a barrel. Oil prices dipped on report of increase in inventories of gasoline and distillate fuels, including heating oil. Though supply of crude oil fell more than expected, stocks remained relatively high compared to previous years. Continued mild weather in America and dissipation of fog in the Gulf Coast region that had hampered shipments, also contributed to market sentiments.
Crude inventories plunged by 6.3 million barrels last week - a greater than expected drop. Unleaded gas inventories posted an increase last week, rising by 1 million barrels but still lower than average. Inventories of distillate fuels, which include heating oil and diesel fuel, also rose last week by 1.2 million barrels and are at average levels for this time of year. Heating oil futures dropped by more than a penny to $1.7184 per gallon (3.8 liters), while natural gas prices drooped by a cent to $6.758 per 1,000 cubic feet.
22-Dec-06 
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