Crude oil prices dropped below US$63 a barrel Wednesday ahead of the release of U.S. figures expected to show a rise in oil stocks but declines in gasoline and heating oil supplies. Forecasts suggest that gasoline stocks will fall by 1.3 million barrels due to declining imports, distillate stocks would decline by 1.6 barrels and crude would rise by 2.3 million barrels. Light, sweet crude for April delivery on the New York Mercantile Exchange dipped to US$62.73 a barrel in electronic trading. On the ICE Futures exchange in London, Brent crude slipped to US$63.71.
The International Energy Agency has lowered its 2006 oil demand estimate by 290,000 bpd due to persistently high fuel prices and slowing consumption in Southeast Asia.
16-Mar-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}