Crude Oil falls

Posted By: Religare
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Crude Oil falls
In New York Oil prices dropped for a fourth consecutive day. The drop was attributed to lower gasoline consumption figures, which was indicative of the fact that the US economy was slowing down. Thereby concerns rose that demand in the US for crude would also come down, which in turn led to a price cut.

Other factors like a “less than estimated" growth rate in U.S. service industries and job market also added to a decrease in crude rates.

Yesterday, the Energy Department in the US had reported that for last week, crude stockpiles rose 3.42 million barrels, the highest since October 2010, which had led to price dip in crude.

The value of crude for June delivery was reported at $108.43 per barrel, down by 82 cents on the New York mercantile exchange. While on the ICE futures exchange in London, Brent crude for May contract was down to $121.12 a barrel. (12:29 P.M IST, Thursday)

Read more about: crude, oil and gas, futures
Story first published: Friday, May 6, 2011, 9:30 [IST]
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