Jul 30, 2008
The sharp decline in oil, U.S. stocks down
Oil prices have fallen by nearly three dollars Tuesday in New York and still fell 1 dollar on Wednesday. They reached their lowest level in nearly three months because of a rise of the dollar and the decline in fuel consumption in the USA where stocks fell.
The pressure on oil prices relaxes frankly. The barrel of WTI U.S. ended the session on Wall Street at $ 122.19, down 2.54 dollars compared to its closing price on Monday. This is its lowest level since May. Since 11 July, when it reached its record high of 147.27 dollars, he lost more than $ 25.
In morning trade, Asia, the fall in prices is continuing before the publication of U.S. reserves. In morning trading, the price of a barrel of light sweet crude "(equivalent of WTI) for delivery in September fell by 42 cents to 121.77 dollars a barrel. The barrel of Brent oil from the North Sea for delivery in September lost 29 cents to 122.42 dollars. AND this Wednesday afternoon, the WTI loses a dollar to 121.19 dollars a barrel.
The consumption of gasoline at the pump fell for the fourteenth consecutive week last week to the USA, who swallowed 20% of global consumption of black gold, according to the weekly statement of the issuer of Mastercard credit cards issued Tuesday, while the traditional season of major travel by car for the holidays ( "driving season") is in full swing.
This trend was confirmed by official statistics released yesterday, showing that the first five months of the year, the number of miles driven by motorists American fell to their lowest level since 2003.
The figures for weekly oil stocks in the USA that unveils the Department (ministry) of Energy indicate that the crude is down 100,000 barrels to 295.2 million, as gasoline, 3, 5 million barrels to 213.6 million while for distilled products, stocks rose 2.4 million barrels to 130.5 million.
by erectusplus at 8:39 AM |
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