Oil Falls Toward $100 on Waning Demand |
| The Associated Press - Mar 20, 2008 |
Oil prices slid Thursday, extending their retreat in the previous session driven by data that showed demand for petroleum products is waning in the face of record high prices.
The U.S. Energy Information Administration's weekly inventory report said Wednesday that overall consumption of oil and its products fell 3.2 percent over the last four weeks compared with the same period last year. Demand for gasoline fell 1 percent during the same period.
The demand numbers in the report overshadowed data showing that supplies of crude oil grew less than expected last week, while gasoline and heating oil supplies fell.
Light, sweet crude for May delivery on the New York Mercantile Exchange dropped $2.42 to $100.12 a barrel in electronic trading by noon in Europe. The contract fell $5.96 to settle at $102.54 a barrel on Wednesday — "the steepest in dollar terms since January 1991," according to Vienna's JBC Energy.
Read Full Article from The Associated Press
- Posted: 2008-03-20 08:18:39
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