Tuesday, August 17, 2010
Crude Oil Falls After Industry Report Shows Higher U.S. Oil, Gasoline Supplies
“The fact that crude oil and gasoline is building, that’s definitely not good,” said Anthony Nunan, an assistant general manager for risk management at Mitsubishi Corp. in Tokyo. “We’ve got a ways to go before people are confident about the U.S. economy.” Crude oil for September delivery dropped as much as 34 cents, or 0.5 percent, to $75.43 a barrel in electronic trading on the New York Mercantile Exchange. It was at $75.62 at 12:10 p.m. Singapore time. Futures rose 0.7 percent yesterday to $75.77. Prices are up 9.2 percent from a year ago.
The Energy Department report may show U.S. gasoline supplies declined 375,000 barrels last week, according to the Bloomberg News survey. The report is scheduled to be released at 10:30 a.m. in Washington today. Work began on 546,000 houses at an annual rate last month, fewer than the 560,000 median estimate of economists surveyed by Bloomberg News and up 1.7 percent from June, Commerce Department figures showed yesterday in Washington.....Read the entire article.
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