heating oil, causing oil prices to slump. US crude futures fell by US$1.76 to US$56.95 a barrel, while London Brent dropped 51 cents to US$54.50. Demand for heating oil in the United States, the world's largest energy consumer, is expected to be 20% below normal this week, aiding US stockpiles build up a comfortable surplus, easing worries of a potential winter crunch.
Opec signalled again that it would likely keep supplies steady as the market balance and inventories seem to be at a very comfortable level. Oil prices have doubled during a two-year rally partly fuelled by strong demand from the United States and the rapidly expanding economies of China and India.
29-Nov-05 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}