Oil Falls to 11-Week Low on Outlook Gasoline Supply to Increase |
| Bloomberg - Feb 15, 2011 |
Crude oil in New York tumbled to the lowest price in 11 weeks and gasoline futures dropped on forecasts U.S. supplies of the motor fuel will increase.
Futures fell 0.6 percent as a Bloomberg News survey showed gasoline stockpiles rose 1.85 million barrels last week from 240.9 million, the highest level since 1990. Crude oil supplies at Cushing, Oklahoma, the biggest U.S. trading hub, rose to the highest level since at least 2004 in the week ended Jan. 28. Gasoline and oil were also led lower by Brent crude in London.
“Gasoline inventories here are very, very robust, and demand here is still very poor,” said Kyle Cooper, director of research for IAF Advisors in Houston. Brent and WTI are “divorced” because of near-record oil stockpiles at Cushing, the delivery point for the New York contract, he said.
Oil for March delivery slipped 49 cents to settle at $84.32 a barrel on the New York Mercantile Exchange, the lowest level since Nov. 30. Futures have risen 14 percent in the past year.
Read Full Article from Bloomberg
- Posted: 2011-02-15 21:30:26
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