Crude oil fell below $70 a barrel for the first time in two months as the dollar gained and ample U.S. fuel supplies undermined confidence demand is recovering. Prices have dropped 11 percent in seven days, the longest losing stretch since September 2006, as gasoline supplies climbed to the highest level since April and a stronger dollar curbed investor appetite for commodities. “Prices are still quite high given the fundamentals of the market,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “We may see a lot of positions cashed in between now and the end of the year. This may lead prices to $60 or even lower.”
Crude oil for January delivery fell 62 cents, or 0.9 percent, to $70.05 a barrel at 1:16 p.m. on the New York Mercantile Exchange. Futures touched $69.81, the lowest since Oct. 8. Prices are up 57 percent this year. Gasoline for January delivery dipped 2.83 cents, or 1.5 percent, to $1.829 a gallon in New York. The contract touched $1.824, the lowest since Oct. 13. Heating oil for January delivery fell 1.04 cents, or 0.5 percent, to $1.8989 a gallon. The dollar traded at $1.4695 per euro, up 0.2 percent from $1.4726 yesterday.
Gasoline stockpiles climbed 2.25 million barrels to 216.3 million last week, the highest since the week ended April 17, an Energy Department report showed yesterday. Supplies of distillate fuel, a category that includes heating oil and diesel, increased 1.62 million barrels to 167.3 million.....Read the entire article.
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Heating oil is used by the people more than any type of oil. The people use this type of oil for the cooking purposes and thus prepare delicious food stuffs.
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