As per data released by the Energy Information, crude oil inventories fell for the second time in 13 weeks by 3.1 mln barrels in the week ended Dec 19, while gasoline and distillate stockpiles were higher. Crude oil continued to be lower on the NYMEX, briefly touching US$36.63. Light sweet crude traded at US$37.3. Earlier, oil prices tumbled on Wednesday to new four-year lows as economic gloom weighed on the market. Light sweet crude for delivery in February closed at US$35.35 a barrel on the NYMEX. The latest reports from the United States confirmed ongoing bleak conditions. In the first decline in four months, personal income contracted 0.2% in November, while consumption expenditures shrank 0.6% in the month before Christmas. New US weekly jobless claims rose by 30,000 over the past week to 586,000.
26-Dec-08 
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