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Business News Oil falls a fifth day
Business News Oil falls a fifth day
| Oil falls a fifth day |
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| Written by Administrator |
| Friday, 05 December 2008 02:59 |
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The average amount of fuel products such as gasoline and diesel supplied by refiners for the past four weeks was 7.9% less than a year earlier, according to a U.S. Energy Department report yesterday. Refinery operating rates in the world's largest energy-consuming nation declined as falling demand lowered processing profits. "The most important data is the petroleum products supplied, which is the demand figures, and the trend there remains weak,'' said David Moore, a commodity strategist with Commonwealth Bank of Australia Ltd. in Sydney. ``Really, the story hasn't changed much as there are broad worries about consumption.'' Crude oil for January delivery today dropped as much as US$1.49, or 3.2%, to US$45.30 a barrel on the New York Mercantile Exchange. That's the lowest since Feb. 9, 2005. It was at US$45.67 a barrel at 12:57 p.m. Singapore time. Futures have tumbled 69% after reaching a record US$147.27 on July 11. Yesterday, crude fell 17 cents, or 0.4%, to US$46.79, the lowest settlement since Feb. 9, 2005. The four-week average of petroleum products supplied in the U.S. was 19.3 million barrels a day, down from 20.9 million barrels a day a year ago, the Energy Department report showed. The U.S. first entered a recession in December 2007, the National Bureau of Economic Research, a private, non-profit panel of economists that dates American business cycles, said on Dec. 1.
source:bloomberg |
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