Oil prices fell by more than a dollar on release of U.S. government data showing healthy crude inventories and a surge in domestic supplies of distillate fuel, diesel and heating oil. Inventory of distillate grew by more than 4 million barrels, a sign that refiners are increasing output of refined products that will be in greater demand in the coming months and command higher prices than gasoline. Light sweet crude for October delivery on the New York Mercantile Exchange fell by US$1.20 to settle at US$60.46 a barrel - the lowest close since March 20. November Brent on the ICE Futures Exchange dipped to US$60.47 a barrel.
Oil prices have briefly touched levels below US$60 a barrel - the level OPEC has hinted could initiate an output cut.
21-Sep-06 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}