Thursday, July 23, 2009

Crude Oil Declines a Second Day After Fuel Inventories Increase

Crude oil for September delivery declined a second day in New York as rising U.S. fuel inventories dampened optimism for a swift rebound in demand. Gasoline and distillate fuel inventories in the U.S. rose in the week to July 17, the sixth consecutive
increase, while crude supplies fell, according to an Energy Department report yesterday. Japan’s oil imports fell for an eighth month in June. “Demand is weak, and spare capacity is the largest it’s ever been,” said Eugen Weinberg, an analyst at Commerzbank AG in Frankfurt.....Complete Story

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